Wed May 18, 2022 – 10:46 am EDT
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LONDON (LifeSiteNews) – The governor of the Bank of England has warned that rises in food prices in Britain could reach “apocalyptic” levels by the end of the year.
Speaking to the House of Commons Treasury Select Committee Monday, Andrew Bailey admitted feeling “helpless” against relentless inflation rates. Bailey said a “series of supply shocks” had caused “unprecedented” economic fallout, and the banker predicted inflation reaching double digits by the close of 2022. He expects the rate to peak at around 10.2 percent, the country’s highest level since 1982.
Bailey told committee MPs that an “impact of … Russia’s invasion of Ukraine” includes the “risk of a further energy price shock, which would come from the cutting off of gas and distillates, such as products like diesel.”
Additionally, given Ukraine’s status as a large supplier of wheat (around 10 percent of the global supply) and cooking oil, Bailey stated that while the country is still able to produce and
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