The Governor of the Bank of England has given an "apocalyptic" warning, saying further rises in food prices are a "major worry" and "major concern". Andrew Bailey said further food inflation cannot be ruled out and is a "major worry" for the central bank. "Ukraine and Russia is the big risk in a way," he said. "One is the risk of a further energy price shock, which would come from the cutting off of gas and distillates, such as products like diesel and then, the one which I might sound rather apocalyptic about, is food."
He said he was in Washington a month ago and spoke to the Ukrainian finance minister. "Two things the finance minister said is that Ukraine does have food in store but they can't get it out at the moment and two, while he was optimistic about crop planting, as a major supplier of wheat and cooking oils, he said we have no way of shipping it out and that is getting worse. It is a major worry for this country and a major worry for the developing world as well. Sorry for being apocalyptic".
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