The Construction Costs Index in the A.C. of the Basque Country fell by 0.1% in July 2003 with regard to the previous month, by which the inter-annual rate for the month rose to 3.1%, according to EUSTAT data. The rate for the first seven months of the year rose 2.8% with regard to the last December.

Over the inter-annual period (July 2003 in relation to July 2002) labour costs increased 5.8%, while raw material costs rose by 1.2%.

By falling 0.1% in July 2003, the two main subsectors contributed to total construction costs to differing extents: Building costs fell 0.2%, while Civil Works costs remained unvaried with regard to the previous month (0.0%). With regard to the inter-annual evolution of these subsectors, both also grew at slightly different rates: Building costs rose 3.0%, while Civil Works increased by 3.3%.

Among the raw material prices that had the highest inflation rates in July 2003 were: Oil by products (4.1%), Electric energy (2.7%), Baked earth (0.3%) and Mining Arids (0.3%). Prices fell however, for the raw materials used for Glass (-2.7%), Iron and steel (-1.8%) and Explosives and gases (-1.6%), among others.