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Inflation has taken its toll on consumers, but the overall cost of building materials not only continues to grow, but does so at astonishing rates.

According to the National Association of Home Builders and its analysis of government data in the form of producer price index or PPIthe price of building materials rose another 0.4%, not seasonally adjusted.

As the Bureau of Labor Statistics says, “The Producer Price Index (PPI) program measures the average change over time in the selling prices received by domestic producers for their production. The prices included in the PPI are those of the first commercial transaction for many products and certain services.

In July 2022, the year-on-year change in building materials and components, excluding capital investment, labor and imports, was 14.8%. The growth rate of the increase is falling, which is fine, but price increases are cumulative, so even lower growth means prices are still rising.

“Prices have jumped 35.7% since January 2020, although 80% of the increase has occurred since January 2021,” the organization wrote.

While software lumber has spent some time as a major cost driver, the current spot price is around $596, which is still high but much improved. “Prices have fallen 28.2% since the start of the year,” as NAHB wrote, “although the extent to which the decline affected home builders and renovators is unclear” . One of the problems that existed was large purchases at higher prices. Some of this more expensive product may still be in the system, or some players may simply be keeping prices high to increase profits.

The price of ready-mixed concrete has climbed in 17 of the past 18 months, according to NAHB analysis, and rose 2.5% in July and saw the biggest increase from January to July in 34 years data history: 6.8% . Finished concrete products increased by 14.4% and structural concrete blocks by 12.9% over the last 12 months. “Prices for concrete pipes and prestressed concrete products have also increased by 21.0% and 29.9%, respectively, since July 2021,” the report noted.

Over the past 12 months, gypsum products have seen a huge jump, up 22.6%, including 7.6% in the first six months of this year. This is after 2021 saw a 23% increase.

Steel prices have fallen around 10.1% since the all-time high in December 2021. June saw a decline of 3.7%, followed by July at -1.7%. But even with these declines, steel is still roughly double the price it was in January 2021.