Kimberly-Clark, which makes Cottonelle and Scott toilet paper, announced it would be raising its prices in North America in June.
Lumber prices have pushed the average price of a new single-family home up by $35,872, according to the National Association of Homebuilders.
Millennials led the housing recovery, but soaring demand exacerbated a housing shortage. The low inventory pushed prices up and homes out of reach.
Millennials are finally buying homes, but they're facing a historic housing shortage. It's their latest economic bad luck since the Great Recession.
Lumber prices reached more than $1400 per thousand board feet on Monday and experts say it's a great thing for the industry, but not for consumers.
Exchange-traded funds that track timber, forestry, and homebuilding stocks have rallied as lumber prices continue to reach new heights.
Piper Sandler's technical market strategist, Craig W. Johnson, says lumber prices will rise to over $1,300 per thousand board feet this year.
Spot lumber prices hit a record high of nearly $1,200 per thousand board feet on Tuesday after mounting a 348% climb from March 2020's five-year lows.
After the pandemic shut down a large number of lumber mills in 2020, prices have jumped nearly 200% since April. Meanwhile, everyone's buying houses.
Lumber's 140% gain has outpaced every other commodity significantly over the last year, and one market technician said prices could rise 35%.