Food prices in Canada have been rising at a faster rate than overall inflation for the past several years. In fact, food prices are 30 per cent higher than they were a decade ago.
In the face of this pressure, consumers are increasingly worried about the impact of the war in Iran on food prices. While there is currently a ceasefire in place, it appears fragile, and oil and fertilizer prices will be slow to fall.
The conflict will undoubtedly have an impact food prices, but in the short term it will likely be fairly small. If the disruption lasts longer, we could start to see more significant price increases.
