Global prices of raw materials soar high

WASHINGTON: Global prices for raw materials are soaring thanks to a boom in demand due to the recovery from the COVID-19 downturn, coupled with logistical bottlenecks.

Copper in the past week hit a 10-year high. Bloomberg’s agriculture Commodity Price Index has climbed 22 percent so far this year to its highest level since 2016, while crude oil has risen 30 percent in the past year.

Lumber has tripled over the past 12 months, and the National Association of Homebuilders said that has added $36,000 to the cost of a new house.