A measure of wheat for a penny - food price inflation in historical perspective
· Andrew Bailey, Governor of the Bank of England (United Kingdom)
Summary written by Dark Majestic in its own words · topics: inflation and price stability, financial stability, climate, energy and nature, trade, fragmentation and geopolitics
AB · Andrew Bailey Wiki · Bank of England WikiA measure of wheat for a penny - food price inflation in historical perspectiveContextText of the Henry Plumb Memorial Lecture by Andrew Bailey, Governor of the Bank of England, London, 20 November 2023.
Why it mattersBailey uses food price history to warn against protectionism.
Problems raised- Food price inflation has been very high.
- Global fragmentation can cause price spikes when supply fails.
- Conflict in the Middle East raises energy and food cost risks.
Solutions proposed- Learn from the history of food price shocks.
- Keep policy tight enough to prevent persistent inflation.
- Resist protectionism that makes food supply less resilient.
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