Bank of England boss issues inflation warning as global economy set for 'very big energy shock'

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Bank of England Governor Andrew Bailey has warned the global economy is heading for a "very big energy shock" that could send inflation surging in the months ahead.

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Speaking at the International Monetary Fund spring meeting in Washington DC, he said policymakers are facing a "very, very difficult" decision on interest rates as pressures build.The warning comes as oil prices have surged by around 60 per cent this year amid escalating tensions in the Middle East, driving up fuel and energy costs.However, in a sign of resilience, official figures released on Thursday showed the UK economy grew by 0.5 per cent in February, following a revised 0.1 per cent expansion in January.The Bank of England governor highlighted the dramatic impact on crude prices, which have climbed approximately 60 per cent since January began.At their peak, oil prices reached close to 120 US dollars per barrel, driving up costs for fuel and energy across the board.The surge is anticipated to push broader prices...

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