{
  "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 for 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 UK construction material price index for 'All work' 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 grow at an annualized rate of 3.3% between 2021 and 2026.",
      "verbatim_quote": "Annualized Growth 2021-26 3.3 %",
      "source_url": "https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255",
      "relevance": "high"
    },
    {
      "claim": "UK construction cost inflation is expected to remain moderate in the near term due to soft demand and competitive pressure.",
      "verbatim_quote": "Construction cost inflation is expected to remain moderate in the near term due to soft demand and competitive pressure across supply chains.",
      "source_url": "https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026",
      "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 for 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 UK construction material price index for 'All work' 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 grow at an annualized rate of 3.3% between 2021 and 2026. (source: https://www.ibisworld.com/united-kingdom/bed/construction-materials-price-index/44255)\n- [MEDIUM] UK construction cost inflation is expected to remain moderate in the near term due to soft demand and competitive pressure. (source: https://www.arcadis.com/en-gb/insights/perspectives/europe/united-kingdom/uk-construction-market-view-spring-2026)"
}