14.01.2023
The construction exit price index for the third quarter of 2022 reached 129.53 units (base year 2015 = 100.00), recording an increase of 11% compared to the same quarter in 2021, according to data released by the Cyprus Statistical Office. The index noted a slight increase of 0.1% compared to the second quarter of 2022.
By project type, Q3 2022 saw an increase of 12.4% for buildings and 6% for civil engineering compared to the corresponding quarter of 2021.
The Quarterly Product Price Index measures changes in unit prices charged to construction contractors. Therefore, it shows the change in the total cost of construction work incurred by the customer, including costs associated with the materials used, labor, energy, transport, etc., as well as the profit received by the contractors. The index can be viewed as an indicator of the level of inflation in the construction sector in relation to a particular reporting year, which is used as a base value. In this case, the base year for construction sector prices is 2015.
