Food price ‘apocalypse’ coming
SHOPPERS face an “apocalyptic” price rise spike as a result of the Ukraine war, the Bank of England Governor has warned. Andrew Bailey told MPs Russia’s war in Ukraine is threatening global food supplies and will become “a major worry for this country” and “the developing world”. The country’s top banker told MPs on the House of Commons Treasury Committee the war in Ukraine was a factor that
LIMITS would likely see a sharp rise in prices being paid by consumers in Britain and around the rest of the world.
Ukraine is one of the world’s biggest suppliers of crops such as wheat and maize, as well as cooking oil.
Bailey warned that while the war-torn country was still managing to produce goods in the face of Russia’s invasion, there was a struggle to ship supplies out of the country.
He said: “Ukraine and Russia is the big risk in a way.
“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.”
Bailey’s comments came after a UN food chief warned millions of people will die around the world if Vladimir Putin does not lift his blockade of Ukraine’s ports.
David Beasley, head of the United Nations World Food Programme, pleaded with the Russian president to end the blockade of Black Sea ports.
He said the historic port of Odesa, which has come under Russian bombardment, and other ports needed to be operational within the next two months, adding: “Millions of people around the world will die because these ports are being blocked.”