ABF, CWK, PFD: Stocks to check out amid rising food prices

by Ya Msn Stock Exchange Informer

Inflation in the UK reached 7% in March, and it is expected to go up further when the numbers for April are released. Food prices have touched an all-time high, and millions of people are going through a cost-of-living crisis. To keep inflation rates in check, the Bank of England (BoE) recently hiked the interest rates for the fourth straight time. However, it faced criticism for not acting quickly enough to tackle the price hikes. Responding to it, BoE governor Andrew Bailey has now said that the war in Ukraine is responsible for the country's 30-year-high inflation rates and the bank couldn't foresee the war.

The governor warned that the 'apocalyptic' rise in food prices is a major worry not just for the UK but also for the developing countries as Russia's invasion of Ukraine led to a shortage of wheat and cooking oil across the world. Terming it a 'very big income shock', the governor said that rising inflation would hit the demand and lead to a rise in unemployment.

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