The Construction Materials Price Index (CMPI) in Cyprus recorded its eleventh consecutive annual decline in June 2024, driven primarily by decreases in metal products and iron. According to data released by the Statistical Service of Cyprus (Cystat), the CMPI for June 2024 stood at 117.47 units (with 2021 as the base year), representing a 0.10% increase compared to the previous month. Compared to June 2023, the index registered a 0.70% decrease.
The annual decline is largely attributed to the category of metal products, which witnessed a 5.29% drop in June. Iron and steel products also experienced an annual decrease of 6.74%, while aluminum products saw a smaller decline of 2.17%.
In contrast, increases were observed in electromechanical items (3.86%), minerals (1.21%), mineral products (0.74%), and products made of wood, insulation materials, chemicals, and plastics (0.44%).
For the period January-June 2024, the index recorded a decrease of 1.63% compared to the corresponding period of 2023.
The monthly CMPI reflects the evolution of the cost of materials incurred by the contractor.
Source: Cyprus News Agency (CNA)