Construction materials index dips, concrete standoff still on

The cost of construction materials in Cyprus dipped marginally in October, despite an annual increase, while a standoff in the concrete market could see prices spiralling again.

The statistical service said the Price Index of Construction Materials for October reached 117.18 units, a decrease of 0.08% from the previous month.

Compared to the same month in 2023, the index increased 0.13%, according to Cystat. By main commodity category, increases were recorded in electromechanical products (3.63%), products of wood, insulation materials, chemicals and plastics (1.17%) and mineral products (0.45%), whereas decreases were observed in metallic products (-2.12%) and minerals (-0.02%).

For the January-October period, the index recorded a decrease of 1.01% compared to the corresponding period of 2023.

Strikes in the concrete industry continued for a third week, with the main bone of contention between employers and trade unions being the method of calculation of overtime pay.

Industry officials say that the longer the strike continues, twice the time will be needed for concrete suppliers to catch with the backlog of deliveries, delaying projects and causing havoc in the construction sector.