Construction material prices continued onwards and upwards in November as the global economy continues to pick up in the wake of the COVID-19 pandemic causing global demand to increase, which pundits have warned will threaten the sector’s recovery.
The Cyprus Statistical Service reports that, compared to November 2020, the Construction material price index recorded an annual increase of 17.89%; an increase 0.85% compared to the previous month.
Compared to November 2020, increases were recorded in:
- Metallic products (34.41%) including iron and steel (48.48%)
- Wood, insulation materials, chemicals and plastics (18.38%)
- Electromechanical products (12.33%)
- Minerals (5.20%) including Cements (9.22%)
- Mineral products (4.52%)
The Cyprus Statistical Service notes that prices of materials used in construction are collected on a monthly basis based on a sample of products and suppliers. The reference date for the prices collected is the 15th of each month. Prices are valued excluding VAT. The data collection is carried out by telephone, fax or e-mail.
Prices of materials are based on actual prices rather than list prices.
Construction material costs – further reading
Press release: Price Index of Construction Materials: November 2021
