Cyprus construction materials price index sets new record
At the highest point since 1986 the prices of construction materials
The Construction Materials Price Index for the month of January 2023 reached 136.01 units (based on 2015=100), marking an increase of 12.25% compared to the corresponding month of 2022, according to data published by the Statistical Service the manufacture. The price index for construction materials in January 2023 is at its highest point since 1986 when figures are kept by the Statistics Office.
By main product category, compared to January 2022, January 2023 saw increases in minerals by 27.15%, in mineral products by 14.66%, in wood, insulation, chemical and plastic products by 10.49% , in electromechanical items by 8.75% and in metal products by 7.77%.
Compared to December 2022, the construction materials price index increased by 1.79% in January 2023. The main increase was recorded in minerals with 12.8%. In the other major categories, increases were smaller than in December: mineral products rose 3.22%, wood, insulation, chemical and plastic products by 0.04% and electromechanical goods by 0.08%. On the contrary, in metal products there was a decrease of 1.39% compared to December.
The Construction Materials Price Index, which rose to 136.01 in January, is at its highest point since 1986 for which figures are kept by the Statistics Office. With a base year of 2015 (=100), the increases over the last three years in the main product categories have been leaps and bounds.
Indicatively, the average index for minerals in 2020 was 99.14, in 2021 101.48, in 2022 113.44, while in January 2023 it reached 133.76. Therefore compared to the average of 2020, in January 2023 they increased by 34.9%.
The average in mineral products was 98.85 in 2020, 100.76 in 2021, 112.54 in 2022, and 120.79 in January 2023. Therefore compared to the average of 2020, in January 2023 they increased by 22.2%.
In wood, insulation, chemical and plastic products the average in 2020 was 100.29, in 2021 110.29, in 2022 129.08 and in January 2023 133.13. Therefore compared to the average of 2020, in January 2023 they increased by 32.7%.
In metal products, the average in 2020 was 104.95, in 2021 128.99, in 2022 159.60, while in January 2023 it fell to 155. Therefore, despite the decrease compared to the 2022 average, in compared to the 2020 average, in January 2023 they increased by 47.7%.
The average in electromechanical items was in 2020 98.27, in 2021 106.31, in 2022 120.09 and in January 2023 123.4. Therefore compared to the average of 2020, in January 2023 they increased by 25.6%.
Cumulatively, since 2020 the price index in January 2023 is up 34.7% compared to 2020, 21.4% compared to 2021 and 3.6% compared to 2022. Although the rate growth is declining, prices are still at record highs.
Source: inbusinessnews.reporter.com.cy
Photo: istockphoto.com
18 February 2023
