Construction Price Index, 1st Quarter 2023
Highlights
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1. The Construction Price Index which stood at 131.1 in the fourth quarter of 2022 increased by 1.1% to reach 132.6 in the first quarter of 2023. The monthly changes were as follows: January (1.4%), February (-0.2%) and March (0.3%).
2. During the first quarter of 2023, increases were noted in the following sub-indices: “Labour" (4.5%), “Hire of Plant" (2.7%), “Materials" (0.1%) and “Transport" (2.0%).
3. The increase of 0.1% in the “Materials" sub-index was mainly due to:
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(i) increases in the prices of aggregate (0.5%), premixed concrete (2.6%), aluminium openings (0.4%) and tiles and granite (0.5%), partly offset by decreases in the prices of steel bars (-0.6%), timber joinery (-1.4%) and plumbing (-0.7%) in January 2023;
(ii) decreases in the prices of steel bars (-1.1%) and tiles and granite (-0.6%) in February 2023; and
(iii) increase in the prices of premixed concrete (2.4%), partly offset by a decrease in the prices of steel bars (-0.8%) in March 2023.
21 April 2023
