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Annual Change +0.45%
The Construction Materials Price Index for December 2023 stood at 134.23 points (based on 2015=100), an increase of 0.14% compared to the previous month.
Compared to the same month last year, the index recorded an increase of 0.45%. By main product category, increases were recorded in minerals (13.98%), mineral products (5.80%) and wood, insulating materials, chemicals and plastics (0.45%), while decreases were observed in metal products (-7.39%) and electrical machinery (-0.14%).
For the period January - December 2023, the index recorded an increase of 2.91% compared to the corresponding period of 2022.
This increase in the index in 2023 compared to the previous year was mainly due to increases in the prices of the following materials: Portland-type cements (39.39%), concrete slabs, mosaics and bricks (14.61%), mix of scythes and sand for paving (13.89%), crushed scythes for concrete (12.63%) and ready-mixed concrete (12.13%).
On the contrary, the prices of some materials decreased compared to 2022. The main ones are: construction iron (-18.66%), structural mesh (-12.44%) and construction steel (-12.27%).
| Table | |||
| Code |
[TD]
Product Categories
[/TD] [TD]Index December
2023
(2015=100)
[/TD] [TD]Percentage Change
(%)
[/TD][TR] [TD] [TD]
Dec 2023 /
Nov 2023
[/TD] [TD]Dec 2023 /
Dec 2022
[/TD] [TD]Jan-Dec 2023 /
Jan-Dec 2022
[/TD] [/TR] [TR] [TD]1
[/TD] [TD]Minerals
[/TD] [TD]135,16
[/TD] [TD]0.23
[/TD] [TD]13.98
[/TD] [TD]18,52
[/TD] [/TR] [TR] [TD]11
[/TD] [TD]Inert minerals
[/TD] [TD]124.04
[/TD] [TD]0.00
[/TD] [TD]4.97
[/TD] [TD]11,63
[/TD] [/TR] [TR] [TD]12
[/TD] [TD]Short
[/TD] [TD]160.60
[/TD] [TD]0,00
[/TD] [TD]29,01
[/TD] [TD]33,73
[/TD] [/TD] [/TR] [TR] [TD]13
[/TD] [TD]Stones
[/TD] [TD]112,93
[/TD] [TD]0.83
[/TD] [TD]1.06
[/TD] [TD]3.63
[/TD] [/TR] [TR] [TD]
2
[/TD] [TD]Mineral products
[/TD] [TD]123,80
[/TD] [TD]
0,26
[/TD] [TD]5,80
[/TD] [TD]9,38
[/TD] [/TR] [TR] [TD]21
[/TD] [TD]Mortar Products
[/TD] [TD]122.01
[/TD] [TD]0.35
[/TD] [TD]8,14
[/TD] [TD]10,70
[/TD] [/TD] [/TR] [TR] [TD]22
[/TD] [TD]Ceramics
[/TD] [TD]129,54
[/TD] [TD]0,00
[/TD] [TD]-0,67
[/TD] [TD]5,64
[/TD] [/TR] [TR] [TD]
3
[/TD] [TD]Wood products, insulation, chemicals
and plastics
[/TD] [TD]133,67
[/TD] [TD]-0,05
[/TD] [TD]0,45
[/TD] [TD]3,50
[/TD] [/TD] [/TR] [TR] [TD]31
[/TD] [TD]Wood products
[/TD] [TD]135,28
[/TD] [TD]-0,22
[/TD] [TD]0,71
[/TD] [TD]3,31
[/TD] [/TD] [/TR] [TR] [TD]32
[/TD] [TD]Insulation materials
[/TD] [TD]107,89
[/TD] [TD]0,40
[/TD] [TD]0,76
[/TD] [TD]3,05
[/TD] [/TR] [TR] [TD]33
[/TD] [TD]Chemical products
[/TD] [TD]118,91
[/TD] [TD]0.34
[/TD] [TD]0.30
[/TD] [TD]0.28
[/TD] [/TR] [TR] [TD]34
[/TD] [TD]Plastic articles
[/TD] [TD]156,25
[/TD] [TD]0,05
[/TD] [TD]-0,36
[/TD] [TD]6,60
[/TD] [/TR] [TR] [TD]4
[/TD] [TD]Metal products
[/TD] [TD]145,58
[/TD] [TD]0,32
[/TD] [TD]-7,39
[/TD] [/TD] [TD]-6,32
[/TD] [/TD] [/TR] [TR] [TD]41
[/TD] [TD]Iron and steel products
[/TD] [/TD] [TD]148,33
[/TD] [TD]0,53
[/TD] [TD]-11,32
[/TD] [TD]-11,72
[/TD] [/TR] [TR] [TD]42
[/TD] [TD]Aluminium and other metal products
[/TD] [TD]142.01
[/TD] [TD]0.03
[/TD] [TD]-1,47
[/TD] [TD]2,46
[/TD] [/TR] [TR] [TD]
5
[/TD] [TD]electroengineeringe
[/TD] [TD]123,12
[/TD] [TD]
-0.38
[/TD] [TD]-0.14
[/TD] [TD]2,65
[/TD] [/TD] [/TR] [TR] [TD]51
[/TD] [TD]Electrical Hardware
[/TD] [TD]152,12
[/TD] [TD]-0,64
[/TD] [TD]1,67
[/TD] [TD]4,88
[/TD] [/TR] [TR] [TD]52
[/TD] [TD]Heating and cooling equipment
[/TD] [TD]87,69
[/TD] [TD]0,00
[/TD] [TD]-5,29
[/TD] [TD]-2,19
[/TD] [/TD] [/TR] [TR] [TD]53
[/TD] [TD]Other electromechanical equipment
[/TD] [TD]124,89
[/TD] [TD]-0,31
[/TD] [TD]0.91
[/TD] [TD]3.12
[/TD] [/TD] [/TR] [TR] [TD][/TD] [TD]
General Index
[/TD] [/TD] [TD]134,23
[/TD] [TD]
0.14
[/TD] [TD]0.45
[/TD] [TD]2,91
[/TD] [/TR] [/TR]
Methodological Information
Definitions
The monthly Construction Materials Price Index shows the evolution of the cost of materials incurred by the contractor.
Data collection
To compile the index of prices of materials used in construction, the Statistical Office obtains prices (excluding VAT) from a sample of suppliers and a sample of materials with a reference date of the 15th of each month. The data are collected by telephone, email and fax.
Method of calculation
The price indices are based on 2015, i.e. they show the change in the price of a material compared to its average price in 2015. In the base year, the average of the price indices over the twelve months is 100. For example, if the price index of a material for a given month is 101.57, this means that the price has increased by 1.57% compared to the average price in 2015.
To compile the overall material price index, the weighted average of the individual indices for the various materials is calculated. The weights used in the weighting reflect the share of each material in the total expenditure on construction materials and are derived from the value of imports and domestic production in the base year (2015).
The index published on the Statistical Office's web portal is for all construction projects. It is a component of the Construction Cost Index, which is sent and published by the Statistical Office of the European Union (Eurostat), in accordance with the provisions of Regulation (EU) 2019/2152 on European business statistics. The Construction Cost Index relates only to new dwellings.
For more information, interested parties can visit the Portal of the Statistical Office, at Construction, CYSTAT-DB (Database), Predefined Tables (Excel), or contact Ms. Evi Kalogirou Demetriou at 22602168 or at ekalogirou@cystat.mof.gov.cy.
The Predefined Tables in Excel format include data up to December 2022. For January 2023 and thereafter, the update is done only in the CYSTAT-DB Database.
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Views & opinions expressed are those of the author and/or PIO
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