{
  "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": "UK construction cost inflation is projected to remain steady at 3.5 percent in 2025.",
      "verbatim_quote": "In the UK and North America, construction cost inflation is anticipated to remain steady at 3.5 percent and 3.8 percent, respectively.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "relevance": "high"
    },
    {
      "claim": "The price of concrete reinforcing bars (steel) in the UK decreased by 7.2% in the 12 months leading to February 2026.",
      "verbatim_quote": "Concrete reinforcing bars (steel) | -7.2",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "The material price index for 'All work' in the UK increased by 2.1% in February 2026 compared with February 2025.",
      "verbatim_quote": "The material price index for ‘All work’: increased by 2.1% in February 2026 compared with February 2025",
      "source_url": "https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026",
      "relevance": "high"
    },
    {
      "claim": "The UK Construction Materials Price Index (CMPI) is forecast to reach 152 points in 2026, with an annualized growth of 3.3% between 2021 and 2026.",
      "verbatim_quote": "Construction materials price index ### Total (2026) 152 Index ### Annualized Growth 2021-26 3.3 %",
      "source_url": "https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255/",
      "relevance": "high"
    },
    {
      "claim": "Global construction cost inflation is projected to rise marginally to 4 percent in 2026.",
      "verbatim_quote": "On average, construction cost inflation is projected to settle at 3.9 percent globally in 2025, before rising marginally to 4 percent in 2026, though regional disparities persist.",
      "source_url": "https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends",
      "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] UK construction cost inflation is projected to remain steady at 3.5 percent in 2025. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)\n- [HIGH] The price of concrete reinforcing bars (steel) in the UK decreased by 7.2% in the 12 months leading to February 2026. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [HIGH] The material price index for 'All work' in the UK increased by 2.1% in February 2026 compared with February 2025. (source: https://www.gov.uk/government/statistics/building-materials-and-components-statistics-march-2026/construction-building-materials-commentary-march-2026)\n- [HIGH] The UK Construction Materials Price Index (CMPI) is forecast to reach 152 points in 2026, with an annualized growth of 3.3% between 2021 and 2026. (source: https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255/)\n- [MEDIUM] Global construction cost inflation is projected to rise marginally to 4 percent in 2026. (source: https://publications.turnerandtownsend.com/global-construction-market-intelligence-2025/global-construction-cost-trends)"
}