The Governor of the Bank of England has warned of “apocalyptic” global food price rises and said he is "helpless" in the face of surging inflation as the economy is battered by the war in Ukraine.
Andrew Bailey warned that price rises in food and energy would have a much bigger effect than any rise in interest rates.
Mr Bailey also defended the Bank's performance following criticism it has not done enough to try to rein in rising prices.
Inflation - the rate at which prices rise - is at a 30-year high.
Mr Bailey warned that that a "very big income shock" from the increase in global goods prices would hit demand in the economy and push up unemployment.
He also said that difficulties shipping out food supplies from Ukraine could hit world supplies of wheat and cooking oil.
"There's a lot of uncertainty around this situation," Mr Bailey said.
"And that is a major, major worry and it's not just I have to tell you a major worry for this country.
"There's a major worry for the developing world as well. And so if I had to sort of, sorry for being apocalyptic for a moment, but that is a major concern."
The Bank has warned inflation could hit 10% by the autumn, well above its 2% target.
Appearing before the Treasury Select Committee, its chair - Conservative MP Mel Stride - put to Mr Bailey the criticism that the Bank had been "asleep at the wheel".
In response, Mr Bailey emphasised that he was not happy about the high rate of inflation, but he insisted that most of the above-target inflation was due to global prices not domestic factors.
Asked whether he has felt helpless given the situation, Mr Bailey admitted he had.
"It's a very, very difficult place for us to be in," he said.