By Michael Hubbard2024-01-11T06:00:00
As we head into the new year, input costs are levelling off – in terms of materials at least – but as new orders become patchier, market competition is rising
Tender price index ▲
Tender prices increased by just over 6% in the 12 months to Q3 2023. Price inflation trends remain elevated by historical measures, but the rate of change is now clearly slowing.
Building cost index ▲
A composite measure of building input costs rose by 1.7% in the year to November 2023. Some materials components of the index are deflationary, but construction labour rates are still rising relatively strongly.
Consumer prices index ▲
The consumer prices index slowed to 4.6% in the 12 months to October 2023. This is still more than double the target rate of 2%.
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