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.