Market forecast: Why prices for goods and services are still set for further increases

By Michael Hubbard2024-04-11T06:00:00

Construction output is falling steadily as high interest rates sap demand, though repair and maintenance is propping up the sector. Despite materials costs rising less rapidly, tender prices are still on the up

01 / Summary

Tender price index ▲

Tender price inflation recorded a 2.3% rise in the 12 months to Q4 2023. However, the rate of tender price change came to a standstill across the second half of 2023.

Building cost index ▲

A composite measure of building input costs rose by broadly 2% in the year to February 2024. Wage inflation remains inflationary, with a range of inflation rates across materials categories.

Consumer prices index ▲

The consumer prices index fell to 3.4% in the 12 months to February 2024. A broader range of categories are all contributing to the slower rate of consumer price inflation.

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