The Price Index of Work Categories in the 2
nd quarter 2023 compared with the 1
st quarter 2023 recorded an increase of
0.7%. The previous year the corresponding index had recorded an increase of 1.8% (Table 2).
The twelve-month average index, from July 2022 to June 2023, compared with the corresponding index from July 2021 to
June 2022, recorded an increase of 6.2%. The corresponding previous twelve-month periods, the average index had
recorded an increase of 4.7%.
The Price Index of Construction Cost of New Residential Buildings in the 2 nd quarter 2023 compared with the 2 nd quarter 2022 recorded an increase of 6.5%. The previous year the corresponding index had recorded an increase of 8.9%. More specifically, the annual increase of 6.5% is due to the 7.9% increase in the Material Cost Index as well as to the 4.0% increase in the Labour Cost Index.
The Price Index of Construction Cost in the 2 nd quarter 2023 compared with the 1 st quarter 2023 recorded an increase of 1.4%. The previous year the corresponding index had recorded an increase of 2.9%. More specifically, the quarterly increase of 1.4% is on account of the 1.7% increase in the Material Cost Index and the 0.7% increase in the Labour Cost Index.
The twelve-month average index, from July 2022 to June 2023, compared with the corresponding index from July 2021 to
June 2022, increased by 8.4%. The corresponding previous twelve-month periods, the average index had increased by 6.3%.
