So I know the human toll of this senseless war has been felt here. The economic impacts have also been far-reaching and damaging. By the middle of last year, global commodity prices—particularly for oil, natural gas and wheat—had surged to levels not seen since 2008, right before the global financial crisis. It didn’t take long for Canadians to feel the effects.
Gasoline prices soared to well above $ a litre last summer. And because commodities are key inputs to so many products, the impact on prices was broad-based. Higher energy prices raised the operating costs of virtually all businesses. They also raised the cost of shipping goods to customers. Food prices soared too. The war in Ukraine affected the prices of grain and fertilizer.