Will the reopening of the Strait of Hormuz ease food prices? Economists say no (opens original article in a new tab)

Economists say higher fertilizer prices will continue to drive up food prices in Canada despite the reopening of the Strait of Hormuz.

• Commodity prices fell after Strait of Hormuz reopened, but economists say higher fertilizer prices will still lead to increased food prices in Canada.
• Food inflation in Canada is expected to rise to 4.5% by 2027 due to elevated global oil and fertilizer prices.
• Fertilizer price increases since February have already impacted planting season, with effects on food production and prices likely to be felt in 2027.