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25th February 2024
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HomeStatisticsConstruction material prices hit new high

Construction material prices hit new high

The price index of construction materials rose 10.73 per cent in February on an annual basis and increased by 0.06 per cent compared with January according to the Cyprus Statistical Service.

Compared to February 2022, the Cyprus Statistical Service reports price rises in metallic products of 3.97%, minerals 15.69%, products of wood, insulation materials, chemicals and plastics 9.87%, mineral products 15.69% and electromechanical products 7.85%.

The index, which rose to 136.10 in February, is the highest on record since 2006 when the Statistical Service started to record the data.

The construction material price index has risen significantly over the past three years due to the high demand following the Covid pandemic, Russia’s war in Ukraine, China’s strict Covid lockdown policy that ended earlier this year and rampant inflation.