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The Price Index of Construction Materials for December 2021 reached 119,66 units (base year 2015=100), recording an increase of 0,63% compared to the previous month.

Compared to the same month of the previous year, the index recorded an increase of 17,10%. By main commodity category, increases were recorded in metallic products (30,17%), products of wood, insulation materials, chemicals and plastics (19,04%), electromechanical products (13,02%), mineral products (5,41%) and minerals (4,75%).

For the period January-December 2021, the index recorded an increase of 10,98% compared to the corresponding period of 2020.

The increase of the index in 2021 over the previous year is mainly due to the increase in the prices of the following materials: structural steel (46,56%), building iron (44,34%), copper pipes (32,78%), steel pipes (32,69%), iron rails (30,28%), structural grid (27,06%), bitumen asphalt (26,54%), wires and cables (24,64%) and raw (sawn) timber (22,71%).

Methodological Information

Definitions

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

Collection of data

Prices of materials used in construction are collected on a monthly basis based on a sample of products and suppliers. The reference date for the prices collected is the 15th each month. Prices are valued excluding VAT. The data collection is carried out by telephone, fax or e-mail. Prices of materials are based on actual prices rather than list prices.

Compilation method

The price indices are based on the year 2015, meaning that they show the evolution of the price of a certain material in relation to its average price in 2015. In the base year, the average of the price indices for the twelve months is 100. For example, a price index of 101,57 for a material in a certain month implies that the price has gone up by 1,57% in relation to its average price of 2015.

The aggregated price index of materials is a weighted average of the price indices of the various materials in the sample. The weights used reflect the share of each material to the total expenditure for construction materials incurred by the contractors and are derived from the value of imports and local production for that material in the base year (2015).

The index disseminated on the web site of the Statistical Service covers all types of construction works, whereas the index transmitted to and published by the Statistical Office of the European Union (Eurostat) in accordance to the provisions of Council Regulation (EC) No. 1165/98 concerning short-term statistics, is limited to new residential buildings, excluding residencies for communities.

For more information:

CYSTAT Portal, subtheme Construction

Predefined Tables (Excel)

Contact:
Evi Kalogirou Demetriou

Tel:+357 22 602168

Fax:+357 22 605026

Email: ekalogirou@cystat.mof.gov.cy

(NG/SCH)