Construction material prices continued to skyrocket in October as the global economy continues to pick up in the wake of the COVID-19 pandemic causing global demand to increase.
The Cyprus Statistical Service reports that, compared to October 2020, the Construction material price index recorded an increase of 16.99%.
Compared to October 2020, increases were recorded in:
- Metallic products (32.35%) including iron and steel (44.70%)
- Wood, insulation materials, chemicals and plastics (17.51%)
- Electromechanical products (11.68%)
- Minerals (5.61%) including Cements (10.62%)
- Mineral products (4.31%)
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 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.
China’s imposition of emissions-reducing limits on metal production, factory closures throughout Asia, increasing electricity and gas costs, container shortages, escalating fuel costs have all contributed to skyrocketing costs.
Construction material costs – further reading
Press release: Price Index of Construction Materials: October 2021