Unusual spike in lumber prices
Construction materials are in short supply across Europe.
Faroese consumers are feeling the effects of this, with prices of lumber and other construction materials having risen by 10-25 percent in the past year.
“Prices of construction materials have been steady since the 1990s,” says Sjúrður Olsen, manager of DIY store Bygma Balslev.
Chaotic market conditions
“In all my 35+ years in this industry, I have never experienced price hikes like the one we have been seeing over the past year.”
He says the current supply shortage is caused to a large extent by the Covid pandemic and also by American and Canadian merchants having recently bought unusual amounts of lumber from European suppliers.
“It is very difficult to predict anything during this pandemic, but we expect to see some price stabilisation by this autumn.”
Read the Faroese version of this article here
Translated by prosa.fo