Construction material prices fall from previous year

The price index of construction materials in Cyprus reached 117.19 units in March, with 2021 serving as the base year with a default value of 100 units, marking a slight increase of 0.21 per cent compared to the previous month, according to a report released on Thursday by the state’s statistical service.

However, when compared to the same month of the previous year, the index recorded a notable decrease of 1.70 per cent.

Specifically, by main commodity category, there were notable decreases in metallic products, which fell by 6.45 per cent, and products of wood, insulation materials, chemicals, and plastics, which saw a slight decrease of 0.59 per cent.

Conversely, there were increases noted in minerals by 1.22 per cent, in electromechanical products by 0.48 per cent, and in mineral products by 0.46 per cent.

It should be noted that for the period from January to March 2024, the index showed a decrease of 2.05 per cent compared to the corresponding period in 2023, reflecting the decrease in inflation observed over the past year.