The head of the British central bank, Andrew Bailey, has warned of “apocalyptic” food price increases in view of the Russian war against the important agricultural country Ukraine.

Bailey told a parliamentary committee in London that Ukraine had sufficient supplies but could not export the goods. The Bank of England governor told British media on Tuesday it was a major concern for the country and a major concern for developing countries. “Sorry to be apocalyptic, but that’s a big problem.”

Food prices in the UK rose 5.9 percent in March. The increase is expected to increase further. Ukraine is a major exporter of wheat and sunflower oil.

Bailey warned that rising energy and food prices would fuel inflation while triggering a “very large real wage shock”. Unemployment will eventually rise again. This year, the Bank of England expects consumer prices to rise by as much as 10.25 percent after UK inflation rose to 7 percent. According to experts, millions of people in the country could slide into poverty and debt as a result of rising food and energy prices.

Bailey asserted that the central bank could not have acted differently. “We can’t predict things like wars, it’s in no one’s power.” Asked if he felt helpless in the face of rising inflation, Bailey said, “Yes.” Above all, workers with higher incomes should think and reflect before they can demand wage increases and fuel inflation, the central bank head demanded.