Canadian industrial prices are rising at the fastest pace in more than 40 years amid soaring demand for lumber.

Factory prices rose 14.2 per cent in April from a year earlier, the biggest gain since 1980, according to an early estimate released Thursday by Statistics Canada. The price increases were led by a 166 per cent jump in the cost of softwood lumber, the largest yearly gain since 1956.

“It reflects the strength we’ve seen in commodity prices, and if it persists it will put pressure on consumer prices” Benjamin Reitzes, rates and macro strategist with BMO Capital Markets, said by email.

Industrial product prices rose 1.7 per cent on the month, the agency said.