The price index of construction materials rose 16.24 per cent in September on an annual basis compared with August when they rose 16.69 per cent according to the Cyprus Statistical Service.
However, as shown in the graph below prices have steadied in the past four months, albeit at a high level.
The sharp increase in prices is the result of a surge in demand following the Covid pandemic, high energy prices, supply chain problems and Russia’s war in Ukraine.
It is unlikely that construction material prices will fall in the near future.
Compared to September 2021, the Cyprus Statistical Service reports price rises in metallic products of 18.73%, minerals 16.95%, products of wood, insulation materials, chemicals and plastics 14.62%, mineral products 15.51% and electromechanical products 12.23%.
