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on the price of beans…….
Britain faces the “major concern” of “apocalyptic” global food-price rises sparked by Russia’s invasion of Ukraine, the Bank of England’s governor has told MPs.
Andrew Bailey warned of a “very big income shock” to households, and admitted feeling “helpless” in the face of surging inflation.
His comments came as veteran Tory MP Michael Fabricant called on the chancellor, Rishi Sunak, to raise benefits in line with inflation, and as concerns were raised over plans by the energy regulator to revise the price cap on bills every three months instead of every six.
Mr Bailey defended the Bank’s monetary policy and said there could be a further rise in food costs if Ukraine, a major exporter of agricultural products, is unable to ship wheat and cooking oil from its warehouses because of a Russian blockade.
“Sorry for being apocalyptic for a moment, but that’s a major concern,” Mr Bailey said on Monday, noting that wheat prices alone had risen by just under 25 per cent in the past six weeks.
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PLEASE DON'T BLAME RUSSIA FOR THIS.... Blame your mates the USA for imposing sanctions on Russia....
- By Gus Leonisky at 17 May 2022 - 10:13am
- Gus Leonisky's blog
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world hunger…...
Nearly a quarter of the world’s population could run short of food if the war in Ukraine continues for much longer, Serbian President Aleksandar Vucic said during a speech at the 89th International Agricultural Fair in Novi Sad on Saturday.
“If something does not change in the conflict in Eastern Europe, almost a quarter of the world will be in need of basic quantities of food, which will create new problems,” Vucic said in an address opening the week-long event in the Serbian city, which brings together exhibitors from 21 countries.
However, earlier in May he stated that Serbia would be spared the food shortages that he predicted would hit a large part of the planet’s population next winter, which he said would be “the toughest in 70 years.”
Vucic praised Serbia’s close relationship with Hungary, explaining that the nation had become its second-biggest trading partner within the EU. Hungarian President Viktor Orban, also present at the opening address, concurred, adding that both nations have strong agricultural sectors.
While acknowledging the “galloping inflation, rising prices, hunger and conflict in Ukraine,” Orban hailed the “good news… that, based on the talks with Vucic, I can say that Hungary can count on Serbia, Serbia on Hungary.”
“We will have a difficult winter, but Serbia and Hungary have important food reserves, our two countries are safe when it comes to natural gas,” the Hungarian leader continued, criticizing the “economically unacceptable measures adopted in Brussels” against Russia.
READ MORE: Germany warns of global famineOrban has repeatedly described the EU sanctions imposed on Russia as more harmful to Hungary and other European nations than they are damaging to Moscow. He noted that, like Serbia, “Hungary did not impose sanctions against Russia which are equal to the nuclear bomb.” Budapest has thus far stymied the EU’s efforts to impose a total embargo on Russian oil and gas imports.
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https://www.rt.com/news/555896-vucic-quarter-world-food-crisis/
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printing money…..
In early May, the Bank of England raised its forecast, predicting that inflation in the UK will reach an all-time high this year, exceeding 10% in the fourth quarter.
Sputnik is live as United Kingdom Chancellor Rishi Sunak delivers a statement at the House of Commons announcing a new package of financial support, likely to include a discount on energy bills funded by a windfall tax on oil and gas giants.
According to the UK Office for National Statistics, the main contributor to soaring inflation is the rising cost of electricity, gas and other fuels, which, subsequently, drives the housing prices up. In general, the UK witnessed a 54%-increase in energy prices in April, with a major increase in motor fuels, by 31.4%, which in turn, led to surging transport costs.
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https://sputniknews.com/20220526/uk-chancellor-rishi-sunak-announces-financial-support-package-at-house-of-commons-1095789164.html
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