The effects of Brexit and Covid are a little better understood, though the extent to which impacts are permanent remain unclear. However, risks to future output such as a return to inflation (in all parts of the economy) alongside high and increasing debt burdens are important bumps along the road that we cannot lose sight of.
As construction materials and projects continue to make headlines in the general press, we need to ensure that conversations are explicit about the timescales being compared so we can better understand the changes and therefore how to mitigate them. For example, the figures in the above table show large annual changes, but this is in part due to the depth of last year’s low. This is particularly apparent in the figures for oil which have recently shown annual increases of more than 100%.