Construction Price Index, 1st Quarter 2021
Highlights
1. The Construction Price Index which stood at 106.9 in the fourth quarter of 2020 increased by 1.3% to reach 108.3 in the first quarter of 2021.
2. During the first quarter of 2021, increases were noted in the “Labour” (1.7%) and “Materials” (1.3%) sub-indices.
3. The increase of 1.7% in the “Labour” sub-index was due to higher wages following the 2021 salary compensation.
4. The increase of 1.3% in the “Materials” sub-index was mainly due to:
(i) increases in the prices of steel bars (8.2%), tiles and granite (0.3%), sanitary installations (1.0%) and electrical installations (1.0%) in January 2021 and
(ii) increases in the prices of cement (0.2%), steel bars (7.7%), timber joinery (0.3%), sanitary installations (1.0%) and electrical installations (1.0%), partly offset by decreases in the prices of tiles and granite (-0.3%) in February 2021.
