Lumber Prices Rose 50 Percent Since August and May Climb Higher
The price tag on lumber, after declining since its all-time high in May, could climb higher through the early months of the coming year, experts recently told Insider.
The outlet reported Saturday:
Lumber futures as of October 8 were hovering around $713 per thousand board feet – still 58% lower than the record high of $1,711 achieved in May as supply chain disruptions and demand for housing drove an incredible boom for the commodity. A year ago, the lumber futures were trading at roughly $586 per thousand board feet.
But after prices bottomed out below $400 per thousand board feet in late August, they have since recovered by $100 per thousand board feet in just over a month, data from Fastmarkets Random Lengths Framing Lumber Composite Price showed.
Meanwhile, President Joe Biden’s inflation is reportedly costing the average American household an extra $175 a month.
“For households earning the U.S. median annual income of about $70,000, the current inflation rate has forced them to spend another $175 a month on food, fuel and housing,” chief economist for Moody’s Analytics Mark Zandi said recently. – READ MORE
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