Softwood Lumber Pricing Drags Down the Canadian Industrial Product Price Index in August

Statistics Canada (StatsCan) released today (9-15-21) its early/flash estimates of the Industrial Product Price Index (IPPI) for August. The final version will be released on September 29th. According to the early release, the IPPI decreased -0.3% month-over-month in August. However, year-over-year the IPPI was up 14.2%.

The month-over-month decrease was mainly due to lower prices for softwood lumber (-22.3%), which posted its third consecutive monthly decline after a record increase in May (+25.0%). For the first time since September 2019, softwood lumber was down year over year in August (-14.2%).

The decline in the IPPI was largely moderated by higher prices for meat, fish, and dairy products, as well as primary ferrous metal products. If lumber and other wood products were excluded from calculation, the IPPI would have posted a monthly increase of 0.7%.

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.
Original Source:
Industrial Product Price Index: Flash estimates, August 2021