Yes, so lumber prices ramped up due to covid lockdown and closed canadian border crossings. Part of supply side/chain issues. Note, most of US lumber comes from Canada. That was rise and im talking 3x rate. Supply chain is global issue and a ton of what we use is imported. Lumber no exception. I had bought a couple of 1×4 and 1/4 ply and paid premium for sure so know what you mean. But lumber prices have been droping over last 6-8 months or so. Why? Because borders are no longer closed, inventories increasing, the building material has come under pressure as mortgage rates surge and new home sales drop. Basically supply shortage of lumber is about over. At stores, they go by cost of inventory, thus, retail price is a laging indicator -- may still be still be high but as new inventories are bought cheaper, the price will go down seeking equilibrium of what quanties suppliers are willing to supply at what price consumers are willing to pay. I think that is why they initially called it transitory... but many issues remain, like energy cost so not fully transitory plus, interest and tax is also a cost and all costs must be passed on. Thus increasing costs add to inflation. In the macro global world, decreasing value of currency also adds costs.
Politicians are quick to claim credit of which they have done nothing or pass blame when they have ... no diference here I have to say.
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