UK predicts catastrophic rise in food prices due to Ukraine

The situation in Ukraine could lead to a catastrophic rise in food prices around the world. This was stated by Andrew Bailey, governor of the Bank of England, in a speech to the parliamentary finance committee. transmits Daily mail.

“I fear that the most serious economic risks are associated with Ukraine, which I will reduce to two factors. One of them will sound pretty apocalyptic and it’s about food,” Bailey said.

According to him, another factor is the sharp increase in energy prices. This will come at the expense of reduced supply of gas and refined petroleum products such as diesel fuel.

He added that the British authorities were unable to influence the record inflation rate that occurred in the country due to external factors. Moreover, the situation is getting worse. At the same time, this is a cause for concern not only for the UK but also for other developing countries.

16 May UK Deputy Home Secretary Rachel McLean amid rising prices in the country suggested Citizens working more or moving to higher paid positions. According to him, the authorities are working to help citizens in the short term, for example, to pay electricity bills.

Source: Gazeta


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