Building materials prices rise to record high in Cyprus

The Building Materials Price Index for January 2023 reached 136.01 units, recording an increase of 12.25% compared to the same month of the previous year, according to data released by the Statistical Office on Friday, February 17.

The building materials price index is currently at its highest level since 1986, when the Statistical Office began recording data.

For the main product categories, compared with January 2022, in January 2023, an increase in prices for raw materials from minerals was recorded by 27.15%, from mineral products – by 14.66%, wood products, insulating materials, chemicals and plastics – by 10.49%, electromechanical products – by 8.75% and metal products – by 7.77%.

Compared to the previous month, in January 2023, the price index for building materials increased by 1.79%.

The figure, which rose to 136.01 in January, is the highest since 1986, when the data began to be recorded (base 2015=100).

Compared with the 2020 average, in January 2023, minerals increased by 34.9%, mineral products by 22.2%, wood products, insulation materials, chemicals and plastics by 32.7%, metal products by 47. 7% and electromechanical products by 25.6%.

In aggregate, since 2020, the price index in January 2023 increased by 34.7% compared to 2020, by 21.4% compared to 2021 and by 3.6% compared to 2022. Although growth is declining, prices are still at record highs.