Canadian Industrial Product Price Index Moves Higher in December on Softwood Lumber Gains
Industrial product and raw materials price indexes, December 2021
Statistics Canada (StatsCan) reported today (1-31-22) that prices of products manufactured in Canada, as measured by the Industrial Product Price Index (IPPI), rose 0.7% on a monthly basis in December and were up 16.1% year-over-year.
Prices of raw materials purchased by manufacturers operating in Canada, as measured by the Raw Materials Price Index (RMPI), fell -2.9% month-over-month in December but increased 29.0% year-over-year.
Prices for lumber and other wood products rose 19.2% in December, driven up mainly by a 32.8% increase in prices for softwood lumber. This was the third consecutive month-over-month gain and the strongest monthly increase ever for softwood lumber. On a year-over-year basis, prices were up 25.1%. Disruptions in wood supply, due to record precipitation in Canada in November and labor shortages in the United States, created an imbalance in wood supply and demand.
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.