In October 2023 the Construction Cost Index (CCI) decreased by 0.2% compared to the previous month. The change was mainly due to a 4.5% decrease in the average monthly nominal wages of employees in the construction sector, which contributed -1.17 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 February 2022 the CCI increased by 12.4 percent. The latter was largely caused by the 26.2 percent increase in average monthly nominal wages of employees in the construction sector and by the 7.4 percent increase in the prices of construction materials, which contributed 5.91 and 4.19 percentage points to the total index change, respectively.
