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Annual Change -1.70%
The Construction Materials Price Index for March 2024 stood at 117.19 points (based on 2021=100), an increase of 0.21% compared to the previous month.
Compared to the same month last year, the index recorded a decrease of 1.70%. By main product category, decreases were recorded in metal products (-6.45%) and wood, insulating materials, chemicals and plastics (-0.59%), while increases were recorded in minerals (1.22%), electrical machinery (0.48%) and mineral products (0.46%).
For the period January-March 2024, the index decreased by 2.05% compared to the same period in 2023.
| Table |
[TR] [TD]
Code
[/TD] [TD] [TD]Product Categories
[/TD] [TD]Index March 2024
(2021=100)
[/TD] [TD]Percentage Change
(%)
[/TD] [/TR] [TR] [TD]March 2024/
Feb 2024
[/TD] [/TD] [TD]Mar 2024/
Mar 2023
[/TD] [TD]Jan-Mar 2024/
Jan-Mar 2023
[/TD] [/TD] [/TR] [TR] [TD]1
[/TD] [TD]Minerals
[/TD] [TD]130,39
[/TD] [TD]0,00
[/TD] [TD]1,22
[/TD] [TD]1,31
[/TD] [/TR] [TR] [TD]11
[/TD] [TD]Inert minerals
[/TD] [TD]125.91
[/TD] [TD]0.00
[/TD] [TD]1.09
[/TD] [TD]1,09
[/TD] [/TR] [TR] [TD]12
[/TD] [TD]Short
[/TD] [TD]139.39
[/TD] [TD]0.00
[/TD] [TD]1,49
[/TD] [TD]1.69
[/TD] [/TR] [TR] [TD]13
[/TD] [TD]Stones
[/TD] [TD]121.47
[/TD] [TD]0,00
[/TD] [TD]0,91
[/TD] [TD]0,91
[/TD] [/TD] [/TR] [TR] [TD]
2
[/TD] [TD]Mineral products
[/TD] [TD]121,81
[/TD] [TD]
0.09
[/TD] [TD]0.46
[/TD] [TD]0,91
[/TD] [/TD] [/TR] [TR] [TD]21
[/TD] [TD]Mortar Products
[/TD] [TD]121.61
[/TD] [TD]0.06
[/TD] [TD]0.57
[/TD] [TD]1,17
[/TD] [/TR] [TR] [TD]22
[/TD] [TD]Ceramics
[/TD] [TD]122,50
[/TD] [TD]0,19
[/TD] [TD]0,06
[/TD] [TD]0,04
[/TD] [/TD] [/TR] [TR] [TD]
3
[/TD] [TD]Wood products, insulation, chemicals and plastics
[/TD] [/TD] [TD]118.48
[/TD] [TD]0.05
[/TD] [TD]-0.59
[/TD] [TD]-0,79
[/TD] [/TD] [/TR] [TR] [TD]31
[/TD] [TD]Wood products
[/TD] [TD]120,04
[/TD] [TD]-0,11
[/TD] [/TD] [TD]-1,00
[/TD] [TD]-1,00
[/TD] [/TD] [/TR] [TR] [TD]32
[/TD] [TD]Insulating materials
[/TD] [TD]113,76
[/TD] [TD]0,32
[/TD] [TD]-0,69
[/TD] [TD]-1.23
[/TD] [/TD] [/TR] [TR] [TD]33
[/TD] [TD]Chemical products
[/TD] [TD]110.53
[/TD] [TD]0,50
[/TD] [TD]2,11
[/TD] [TD]1,37
[/TD] [/TD] [/TR] [TR] [TD]34
[/TD] [TD]Plastic articles
[/TD] [TD]123,36
[/TD] [TD]0,24
[/TD] [TD]-0,94
[/TD] [TD]-1,40
[/TD] [/TR] [TR] [TD]
4
[/TD] [TD]
Metal products
[/TD] [TD]108,16
[/TD] [TD]
0.42
[/TD] [TD]-6.45
[/TD] [TD]-7,85
[/TD] [/TD] [/TR] [TR] [TD]41
[/TD] [TD]Iron and steel products
[/TD] [TD]105.74
[/TD] [TD]0.13
[/TD] [TD]-7,58
[/TD] [TD]-9,27
[/TD] [/TD] [/TR] [TR] [TD]42
[/TD] [TD]Aluminium and other metal products
[/TD] [TD]113,64
[/TD] [TD]1,02
[/TD] [TD]-5,31
[/TD] [TD]-4,69
[/TD] [/TR] [TR] [TD]
5
[/TD] [TD]electromechanical e
[/TD] [TD]113,33
[/TD] [TD]0,56
[/TD] [TD]0,48
[/TD] [TD]0,57
[/TD] [/TD] [/TR] [TR] [TD]51
[/TD] [TD]Electrical Hardware
[/TD] [TD]124,75
[/TD] [TD]1,19
[/TD] [TD]1,59
[/TD] [TD]2,08
[/TD] [/TR] [TR] [TD]52
[/TD] [TD]Heating and cooling equipment
[/TD] [TD]101,66
[/TD] [TD]0,10
[/TD] [TD]-1,19
[/TD] [TD]-1,25
[/TD] [/TD] [/TR] [TR] [TD]53
[/TD] [TD]Other electromechanical equipment
[/TD] [TD]112,41
[/TD] [TD]0,21
[/TD] [TD]0,68
[/TD] [TD]0,44
[/TD] [/TD] [/TR] [TR] [TD][/TD] [TD]
General Index
[/TD] [TD]117,19
[/TD] [TD]
0.21
[/TD] [TD]-1.70
[/TD] [TD]-2,05
[/TD] [/TD] [/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. Data are collected by telephone, e-mail and fax.
Method of calculation
Price indices are based on 2021, i.e. they show the change in the price of a material compared to its average price in 2021. 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 101.56, this means that the price has increased by 1.56% compared to the average price in 2021.
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 (2021).
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, Update on Base Year Change, CYSTAT-DB (Database), Predefined Tables (Excel) or contact Ms. Evi Kalogirou Demetriou by phone at 22602168 or by email at ekalogirou@cystat.mof.gov.cy.
Data for the base year 2021=100 are only available in the CYSTAT-DB Database.
(MS/NYAN)
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Views & opinions expressed are those of the author and/or PIO
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