Construction materials prices up 2.91% in December 2023

The Price Index of Construction Materials recorded a 2.91% increase in December 2023, compared to the corresponding period in 2022, as reported by the Statistical Service of Cyprus.

The significant surge of the index in 2023 is primarily attributed to price hikes in various materials, such as portland cement (39.39%), pavement slabs, mosaics, and bricks (14.61%), gravel and sand aggregate (13.89%), crushed gravel (12.63%), and ready-mix concrete (12.13%).

On the other hand, some materials recorded a decrease in their prices compared to 2022. The most significant price drops were in building iron (-18,66%), structural grid (-12.44%) and structural steel (-12.27%).

Furthermore, the Construction Materials Price Index for December 2023 reached 134.23 units (based on 2015=100), marking a 0.14% increase compared to the previous month.

In a year-over-year comparison with December 2022, the index showed a 0.45% increase. By main product category, increases were noted in minerals (13.98%), mineral products (5.80%), and wood, insulation materials, chemicals, and plastics (0.45%). Conversely, decreases were observed in metal products (-7.39%) and electromechanical goods (-0.14%).