Apocalyptic food prices, soaring inflation and the cost of living crisis

Apocalyptic food prices, soaring inflation and the cost of living crisis - a look at the headlines and how the media chose to repackage Andrew Bailey's comments.

Apocalyptic food prices, soaring inflation and the cost of living crisis

What is happening?

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What are the facts?

Perspective

The Bank of England governor Andrew Bailey has said there is a possibility of food price rises in the UK and it is a “major worry” for the UK and other countries. 

  • Bailey says the war in Ukraine was affecting food supploes. 
  • He defended the Bank’s performance following criticisms it have not done enough to try to reign in rising prices. 
  •  Inflation – the rate at which prices rise – is at a 30-year high.
  • He added there was a “very big income shock” from the increase in global goods prices would hit demand in the economy and push up unemployment. 
  • Difficulties in shipping out food supplies from Ukraine could hit world supply of wheat and cooking oil. 
  • Inflation hit 7% in March, and figures due out later this week are expected to show the rate climbed higher in April.
  • The Bank has warned inflation could hit 10% by the autumn, well above its 2% target.
  • The surge in the cost of living has led to households cutting back their spending, which is hitting growth.
  • Andrew Bailey asked high-earners to not demand big pay rises. 

Media Bias

Media Bias

Media Bias

Media Bias

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