Construction material prices rose 24.54 per cent in April on an annual basis compared with March when they rose 19.08 per cent according to the Cyprus Statistical Service.
The world-wide shortage of building materials is expected to worsen with inflation for many months to come.
As we reported earlier, there were supply chain problems due to high demand and queues of container ships outside major Chinese ports are lengthening by the day as a result of COVID-19 lockdowns.
Russia’s war in Ukraine has caused oil prices to surge with the price of a barrel of Brent Crude almost doubling in the past 12 months. One of Europe’s biggest iron and steel works, Azovstal, which produced about 4.3 million tons of steel annually has been destroyed by Russian invasion forces.
Compared to April 2021, the Cyprus Statistical Service reports price rises in metallic products of 42.35%, products of wood, insulation materials, chemicals and plastics of 24.77%, electromechanical products of 16.39%, mineral products of 9.96% and minerals of 8.72%.
Prices Index of Construction Materials – April 2022