Wood: largest contributing factor to this summer’s IPPI decline
According to Statistics Canada, the Industrial Product Price Index (IPPI) decreased by 0.4% month over month in June. Year over year, the index was up 16.2%.
Lumber and other wood products (-6.9%) were the largest contributing factors to the monthly decline in the IPPI. The decrease in this group was mostly due to lower prices for softwood lumber, which fell 12.8% following record monthly growth in May (+25.0%). This is the first time softwood lumber has fallen since November 2020 (-15.0%). Despite the monthly decrease, prices for softwood lumber were 172.6% higher than in June 2020.