Bank of England head warns about ‘apocalyptic’ food price rises

The governor of the Bank of England has warned the war in Ukraine will lead to an “apocalyptic” rise in prices.

Andrew Bailey made the grave assessment at the treasury committee this afternoon.

Recounting a conversation he had with the Ukrainian finance minister, Bailey stated: “He said at the moment, we have no way of shipping it [wheat, cooking oils] out… at the moment it’s getting worse and that is a major, major worry.”

the head of the Bank of England also warned the committee of the challenging economic forecast in the UK, describing the “very big real income shock” that is due to lead to increased unemployment in the country.