Europe expects a "secondary energy shock" due to rising electricity prices. One-year forward contracts in Germany hit a record level of €250/MWh

Nearly half of Britons could be left without heating their homes - Independent

The British edition of the Independent reports, citing the head of the energy company E.ON, that almost 40% of families in England will face "fuel poverty" (lack of funds to pay for heating their homes). A third of his customers are already cutting back on food spending to pay bills that have skyrocketed since the imposition of anti-Russian sanctions, he said.

“About 40% of families will live in fuel poverty if the government sits back and watches prices rise ... Some are already on the brink, and the situation will worsen,” says E.ON head Michael Lewis.

He also urged the British government to immediately address the problem: "The most important thing is for the government to intervene - the government must decide how to finance energy."

The Bank of England chief today issued an 'apocalyptic' warning about soaring food prices and said he felt 'helpless' in the fight against inflation as he told MPs the Ukraine war could yet deepen the cost-of-living crisis.

Governor Andrew Bailey revealed how further food inflation was a 'major worry' for the central bank, with particular concerns about wheat and cooking oil.

He also warned that a ‘very real income shock’ is coming this year as prices spiral at the fastest rate in 30 years and make millions of people poorer in real terms - and that surging inflation would hit household spending, causing unemployment to rise.

Soaring prices for staples have already had a huge impact on food production around the globe and been a key driver of runaway prices squeezing household budgets.