*sigh* You misunderstand. I have not said anything about actual inflation being tied to lumber prices in this entire thread. However, it appears Powell is looking to lumber prices as an indicator that overall inflation outlook is overblown. He IS looking at one particular industry (or commodity) to predict this.
I suppose I was not clear in using this as a response. Lumber is not "one good". It is a commodity that affects the price of many goods. Like steel...the price of it affects the price of cars, appliances, buildings, etc. Lumber is used in many different applications so it more than just "one product". It is a commodity that at this moment particularly can show that the current supply/demand situation is not permanent or long-lasting, as is the case for several other sectors and/or commodities.
I have said in several other threads that some level of inflation was expected as we recover from the effects of COVID-19. People stopped building, buying cars, eating out, traveling, etc. so the industries/sectors that were affected had to respond. For instance, rental car companies reduced their fleet capacity because there was no demand. When people started traveling again, the reduced capacity led to shortages of available vehicles.
IOW, I know that whatever inflation we have now is not a permanent thing, it's all due to the unusual circumstances of the reaction to COVID-19.