The construction price index took a downturn in the 1st quarter

In the 1st quarter, compared to the same quarter of the previous year, the construction price index was primarily influenced by rising labour costs and the increase in the costs of building materials, which accounted respectively for more than a half and over a third of the total increase of the index.

Compared to the previous quarter, labour costs decreased by 1.5%, the costs of building machines decreased by 1.8% and costs of building materials increased by 0.7%.

In the 1st quarter of 2014, the percentage change of the repair and reconstruction work price index was –0.3% compared to the 4th quarter of 2013 and 2.3% compared to the 1st quarter of 2013.

The calculation of the construction price index covers four groups of buildings: detached houses, blocks of flats, industrial buildings and office buildings. The repair and reconstruction work price index covers office buildings. The construction price index expresses the change in the expenditures on construction taking into consideration the price changes of three basic inputs: labour force, building materials and building machines.