Farouq Suleiman, David Milliken

LONDON (Reuters), Bank of England Governor Andrew Bailey admitted Monday that he wasn’t happy about Britain’s inflation surge, adding however that the bank couldn’t have done more to stop it.

Bailey said that Bailey was not happy with the situation and told the Treasury Committee of the lower house. This is an awful situation.

He was asked whether the BoE could do something else and he responded: “I think we couldn’t.” We can’t foresee war in Ukraine, I think. We also have to deal with COVID at the moment, which has an impact on China.

Bailey was criticised by some members of the Conservative Party who are feeling the heat about a rising cost-of-living crisis.

Britain’s Consumer Price Inflation Rate was 7.0% in March. Reuters polled economists and they expect it to jump to 9.1% in April. It would be the highest rate since 1982 (data published Wednesday).

The surge in inflation is also a problem for other central banks, who initially called it “transitory”, when it began with post-pandemic economic reopenings of the world economy. Before Russia’s invasion, energy prices soared even more.

The annual rate of inflation in America is 8.3% according to data published last week. This is a slight decrease from March’s 8.5%. It was the largest increase since 1981.

Inflation in the Euro Zone reached a record 7.5% April after a 3.4% increase in March.

This month, the BoE warned Britain that there could be a double-whammy: an increase in inflation of 10% and possibly a recession. They raised interest rates to the highest level since 2009 by raising them by quarter percent to 1%.

Bailey commented on Monday that it would not be out of place to call COVID’s effects on UK demand patterns “transient”, as opposed to the United States.

Michael Saunders is one of three Monetary Policy Committee members that voted in favor of a greater half-point increase this month. Saunders said British inflation expectations may have been slightly lower if rates were higher sooner.