‘Apocalyptic’ food prices will be disastrous for world’s poor, says Bank governor

Bank of England's Andrew Bailey blames UK's highest inflation rate for three decades on Russia-Ukraine war and Covid

• Russia-Ukraine war: latest updates

The Bank of England governor 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.

Defending Threadneedle Street before an announcement on Wednesday of the sharpest annual increase in four decades, Andrew Bailey told MPs that while he was unhappy about the level of price rises, 80% of the inflation target overshoot was caused by factors outside the Bank's control.