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Last modified on Fri 4 Jun 2021 08.23 EDT
A record surge in the cost of timber, bricks and steel sent construction industry costs soaring in May as new orders across the sector grew at the fastest pace in 24 years.
Severe shortages of essential building materials lay behind the increase in prices as the combined impact of Brexit and the pandemic caused supplies, many of them imported, to be held up on their way to the UK.
The majority of respondents to a survey by IHS Markit and the Chartered Institute of Purchasing Supply (CIPS) said they were paying significantly more for raw materials, pushing the industry inflation purchasing managers’ index (PMI) from an average of about 55 last year to more than 90 in May. The figure 50 separates growth from contraction.