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How the Strait of Hormuz Crisis Is Hitting Your Wallet Right Now

Published May 17, 2026  |  Category: Oil Prices & Energy  |  By MoneySavings.ca If you've winced lately at the gas pump or noticed your grocery bill creeping up, you're not imagining it. A geopolitical crisis unfolding halfway around the world — at a narrow strip of water between Iran and Oman — is directly squeezing Canadian budgets. Here's everything you need to know, and what you can do about it. What Is the Strait of Hormuz? The Strait of Hormuz is a narrow waterway just 33 kilometres wide at its tightest point, connecting the Persian Gulf to the open ocean. Despite its modest size, it is the world's single most critical energy chokepoint. Before this crisis, roughly 20 million barrels of oil moved through it every single day — about 20% of all the world's seaborne oil supply, plus significant volumes of liquefied natural gas (LNG). Think of it as the world's energy jugular vein. When it gets blocked, the entire planet feels it. What Happened? On Februa...
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Grocery prices to rise by up to 4.5% in 2024, report predicts

 

The annual Canada’s Food Price Report forecasts that the average Canadian family of four will spend $700 more on food in 2024, reaching a total of $16,297.20. The report, which is produced by four Canadian universities, projects that bakery, meat and vegetables will see the highest price increases, up to 7 per cent.

The report attributes the rising food costs to several factors, including interest rates, energy costs, climate change, transportation expenses and geopolitical risk. However, it also notes that the rate of increase is slowing compared to the previous two years, when the COVID-19 pandemic disrupted the food supply chain and caused inflation to spike.

Some essential items, such as dried pasta, sauces and canned goods, could become cheaper in 2024, as grocery chains compete for customers and benefit from lower commodity prices. The report also suggests that families spent less on groceries in 2023 than in 2022, possibly due to higher housing costs and debt levels.

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