danmir12 / Depositphotos.com
Rising oil prices related to the Middle East conflict could increase costs for farmers in Eastern Ontario as the farming season approaches. The vice-president of the Union des cultivateurs franco-ontariens, Michel Dignard, says that the increase in fuel prices could represent thousands of additional dollars for farms. In addition to fuel, producers will also have to deal with an increase in the price of fertilizers, especially urea, which is likely to increase production costs. In addition, the rise in grocery prices could worsen with the war in Iran, especially if oil prices rise sustainably. Desjardins was already forecasting food inflation of 2.1% in 2026 and 2.3% in 2027, above the average of the 2010s.