Bank of England warns of ‘apocalyptic’ food crisis amid war in Ukraine

The Bank of England is concerned about the continued rise in food prices
The Bank of England is concerned about the continued rise in food prices

Read also: Russian invaders steal hundreds of millions of dollars worth of grain from Ukraine

According to The Telegraph, Bailey told MPs that food prices are rising at the fastest rate in 30 years, causing “a very big income shock,” and described potential global food price hikes as “apocalyptic.”

If Ukraine remains unable to export the grain and vegetable oil in its stockpiles, UK may experience double-digit inflation rate by the end of the year, the governor said.

Read also: Nearly 4,500,000 tons of grain are stuck in Ukraine’s ports, says UN

“That is a major worry; it is not just a major worry for this country, it is a major worry for the developing world,” said Bailey.

Read also: Ukraine’s central bank looking to ease exchange rate restrictions

“I am by no stretch of the imagination a military strategist, but whatever can be done to help Ukraine get its food out would be a huge contribution.”

Read also: Russia launches missile strike on grain depot in Dnipropetrovsk Oblast

Amid the lack of Ukrainian grain and vegetable oil exports, India has recently banned all wheat exports, citing a major heatwave threatening this year’s harvest.

Russia's war against Ukraine - the main events of May 17