Weekly Economic and Construction Update – 03 November 2023

CPA - UK Economic and Construction
CPA - UK Economic and Construction

Weekly Economic and Construction Update – 03 November 2023

Date Published

3 November 2023

Document Type

Category

Author

TDUK
CPA - UK Economic and Construction

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Summary

UK construction materials prices in September 2023 were 1.8% lower than a year ago according to the ONS as materials price inflation continues to slow, more than a year on from the spike in energy, commodity and materials prices when construction materials inflation peaked at 26.8% in June 2022 after Russia’s invasion of Ukraine.

It is worth noting that there has been an upturn in construction materials price inflation in August and September primarily because of the rise in oil prices, in turn, due to OPEC+ cutting production to raise prices, which has been exacerbated a rise in geopolitical uncertainty in the Middle East.