Prices of construction materials in Cyprus declined by an annual 0.70% in June, marking the eleventh consecutive reduction since August 2023.

The reduction in June was mainly driven by the decline in metallic materials and iron and steel products.

According to data released by the Statistical Service of Cyprus (Cystat), the Price Index of Construction Materials for June 2024 reached 117.47 units (base year 2021=100), recording an increase of 0.10% compared to the previous month. Compared to the same month of the previous year, the index recorded a decrease of 0.70%.

By main commodity category, significant price decreases were recorded in metallic products with 5.29% whereas increases were observed in electromechanical products with 3.86%, minerals with 1.21%, mineral products with 0.74% and products of wood, insulation materials, chemicals and plastics with 0.44%.

For the period January-June 2024, the index has registered a reduction of 1.63% compared to the corresponding period of 2023.

The Price Index of Construction Materials shows the evolution of the cost of construction materials incurred by the contractor.