1. The Construction Price Index, which stood at 113.8 as at December 2015, increased to 114.2 in January 2016. Thereafter, the index declined to 113.9 in February 2016 and 113.8 in March 2016.
2. On a monthly basis, the index registered an increase of 0.3% in January 2016 but decreased by 0.2% in February 2016 and 0.1% in March 2016.
3. The rise from 113.8 in December 2015 to 114.2 in January 2016 was the result of higher wages following the 2016 salary compensation and an increase of 0.4% in the prices of cement. However, the effect of these increases was partly offset by a decrease of 1.2% in the prices of steel bars. The index dropped to 113.9 in February 2016 and 113.8 in March 2016 mainly due to further decreases in the prices of steel bars by 2.3% in February and 1.2% in March.
4. As a consequence of the above changes, the “Labour” sub-index increased by 1.1% or 1.3 points in January 2016 and remained unchanged during the months of February and March 2016. The “Materials” sub-index registered a slight drop of 0.1% to reach 111.9 in January 2016, mainly due to a decrease of 1.2% in the prices of steel bars, partly offset by an increase of 0.4% in the prices of cement. In February 2016, the sub-index dropped to 111.6 mainly due to another decrease of 2.3% in the prices of steel bars. In March 2016, further decreases in the prices of steel bars by 1.2% brought the sub-index down to 111.4.
5. During the first quarter of 2016, no change was registered in the “Hire of plant” and “Transport” sub-indices.