The Construction Costs Index in the A.C of the Basque Country registered an increase of 0.2% in May of 2008 with respect to the previous month, as a consequence of which the inter-annual rate for that month reached 7.3%, according to data facilitated by Eustat.

Interanual variation rates 1997-2008

(*) The increase provided is that corresponding to the May interannual rate

In May 2008 labour costs did not change (0.0%) while the price of raw materials rose by 0.3%.

The Building and Civil Works sub-sectors showed different trends. Building did not change from the previous month and the cost of raw material for Civil Works rose 1.2%. The inter-annual evolution of both sub-sectors apparently follow similar trajectories: The cost of raw material for Building has risen 7.4% whereas the cost of raw material for Civil Works has gone up 8.5%.

In May the highest increases in prices were observed in raw materials for Oil By-Products (7.1%) and for Metallurgy (4.2%). On the other hand, the prices dropped for Non-Metallic Materials (-1.3%), Electric Materials (-0.7%) and Electricity and Gas (-0.6%).

Amongst the prices of raw materials consumed by the sector with the highest inflation rates over the last twelve months are: Non Metallic Minerals (15.1%), Electricity and Gas (14.1%), Oil By-Product (13.7%) and Water (11.4%). On the other hand there were less dramatic price increases in inter-annual prices (May 2008 compared with May 2007) of raw materials for Electronic Material (0.8%), Machinery (2.2%), Metallic Articles (2.4% and Non-Metallic Industry (2.5%).

Building Costs Index - Autonomous Community of the Basque Country / Data Development. May 2008

Source: EUSTAT