The construction price index was primarily influenced by the increase in the labour costs compared to the previous quarter and also the same quarter of the previous year.
In the 3rd quarter of 2007 the percentage change in the repair and reconstruction work price index was 1.7% compared to the 2nd quarter of 2007 and 12.1% compared to the 3rd quarter of 2006.
The calculation of the construction price index covers four groups of buildings — detached houses, blocks of flats, industrial buildings and office buildings, as well as office buildings covered by the repair and reconstruction work price index. The index expresses the change in the expenditures on construction taking into consideration the price changes of basic inputs (labour force, building materials and building machines).
As can be seen from the charts, while the rate of increases in these prices may have pulled back slightly in Q3, it is still very large indeed.
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