Bank of England’s Andrew Bailey blames UK’s highest inflation rate for three decades on Russia-Ukraine war
The Bank of England’s governor, Andrew Bailey, has blamed the war in Ukraine for the highest inflation in the UK for three decades and warned that “apocalyptic” food prices caused by Russia’s invasion could have a disastrous impact on the world’s poor.
Giving evidence to MPs, Bailey said that while he was unhappy about the current level of price rises, 80% of the inflation overshoot was down to factors outside the Bank’s control.
