In May 2024 the Construction Cost Index (CCI) increased by 0.3 percent compared to the previous month. The change was mainly due to a 0.6 percent increase in the prices for construction materials, which contributed 0.33 percentage points to the total index change, - according to the preliminary data from the National Statistics Office of Georgia (Geostat).
As of the document, compared to May 2023 the CCI increased by 8.4%. The latter was largely caused by the 27.3% increase in average monthly nominal wages of employees in the construction sector and by the 4.5% increase in the prices of construction materials, which contributed 4.62 and 2.7 percentage points to the total index change, respectively.
Along with this, the Construction Cost Index posted a 17.3%increase compared to February 2022.
