Canadian Industrial Product Price Index Edges Higher in January on Softwood Lumber Gains
Industrial product and raw materials price indexes, January 2022
Statistics Canada (StatsCan) reported today (2-28-22) that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 0.3% on a monthly basis in January 2022 and were up 16.9% year-over-year.
The prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), increased 6.5% month-over-month in January 2022 and are up 30.5% year-over-year.
Prices for lumber and other wood products rose 14.6% in January 2022, driven up by a 15.0% increase in the price of softwood lumber during the month, which follows a 31.8% increase in December. Year-over-year (January 2021 – January 2022) softwood lumber prices were up 27.0%. The gain in this group was mostly driven by strong demand for wood for residential construction in the United States and Canada, combined with limited supply and major supply chain constraints.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.