Construction materials prices stabilize as index drops in May

Construction materials prices started to stabilize in Cyprus, with the Price Index of Construction Materials decreasing 0.06% in May, compared to April, according to data published by the Cyprus Statistical Service on Monday. The Price Index of Construction Materials for May 2023 reached 135.51 units (base year 2015=100).

According to the official data, compared to the same month of the previous year, the index recorded an increase of 1.84%. By main commodity category, compared to last May, the largest increases were recorded in minerals (22.70%) and mineral products (11.87%). Smaller increases were recorded in products of wood, insulation materials, chemicals and plastics (2.76%) and electromechanical products (2.62%), while a significant decrease of 10.47% was recorded in metallic products.

An increase of 6.86% was recorded for the period January-May 2023, compared to the same period of 2022. During this period, the largest increases were recorded in minerals and mineral products with 24.7% and 13.93% respectively. Products of wood, insulation materials, chemicals and plastics recorded an increase of 6.66% and electromechanical products went up 5.83%. Metallic products noted a decrease of 2.36%.