{
  "query": "UK construction cost inflation 2024-2026 steel industry benchmarks",
  "claims": [
    {
      "claim": "In 2024, the UK recorded an average construction inflation increase of 3.0 percent.",
      "verbatim_quote": "The UK recorded an average increase of 3.0 percent, while Europe experienced average inflation of 2.9 percent.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "The UK Construction Materials Price Index (CMPI) is forecast to increase at a compound annual rate of 6.2% over the five-year period through 2024-25.",
      "verbatim_quote": "Over the five-year period through 2024-25, the UK CMPI is forecast to increase at a compound annual rate of 6.2% - the equivalent of a +39.6-point absolute change - to reach 151.9 points.",
      "source_url": "https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255/",
      "relevance": "high"
    },
    {
      "claim": "Building costs in the UK are forecast to increase by 14% over the five-year period starting from 1Q2026.",
      "verbatim_quote": "Building costs are forecast to increase by 14% over the next five years, while tender prices are expected to rise by 15% over the same period, according to BCIS’s latest construction forecast data.",
      "source_url": "https://www.bcis.co.uk/news/bcis-construction-industry-forecast/",
      "relevance": "high"
    },
    {
      "claim": "Recent increases in metal prices, specifically copper and aluminium, are expected to impact specialist components in 2026.",
      "verbatim_quote": "Recent increases in metals prices, particularly copper and aluminium, are expected to affect specialist components such as electrical systems, cladding, and transmission infrastructure.",
      "source_url": "https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026",
      "relevance": "medium"
    },
    {
      "claim": "Global tariffs on steel and aluminum reached up to 50% in 2025, contributing to material price spikes.",
      "verbatim_quote": "Recent tariffs, especially on steel and aluminum, reaching up to 50%5—have sharply raised construction material costs.6",
      "source_url": "https://www.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html",
      "relevance": "medium"
    }
  ],
  "market_context": "- [HIGH] In 2024, the UK recorded an average construction inflation increase of 3.0 percent. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] The UK Construction Materials Price Index (CMPI) is forecast to increase at a compound annual rate of 6.2% over the five-year period through 2024-25. (source: https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255/)\n- [HIGH] Building costs in the UK are forecast to increase by 14% over the five-year period starting from 1Q2026. (source: https://www.bcis.co.uk/news/bcis-construction-industry-forecast/)\n- [MEDIUM] Recent increases in metal prices, specifically copper and aluminium, are expected to impact specialist components in 2026. (source: https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026)\n- [MEDIUM] Global tariffs on steel and aluminum reached up to 50% in 2025, contributing to material price spikes. (source: https://www.deloitte.com/us/en/insights/industry/engineering-and-construction/engineering-and-construction-industry-outlook.html)"
}