Key Statistics: 26 May 2015

Construction

• Tender prices rose by 2.4% on the previous quarter alone during 2014 Q4, and were 7.1% higher than a year earlier, according to the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors (RICS). Tender prices are forecast to rise by 4.3% over the year to 2016 Q1.
• 40,300 residential units were started during the first quarter of 2015, according to seasonally adjusted figures from DCLG. This was a rise of 31% compared to the previous quarter and of 11% compared to the same stage a year ago. However starts remain 18% below the 2007 Q1 peak.

Economy

• Retail sales continued to rise during the three months to April, rising by 0.7% compared to the previous three months and up by 4.7% compared to a year earlier. Retail sales have consistently risen for more than two years- the longest period of growth in the series going back to 1996.
• Consumer Price Inflation turned negative in April 2015, for the first time since at least 1960. Falling costs of food and transport were the main drivers of the fall in the index. Transport costs may have fallen more sharply due to the impact of the timing of Easter and related surge pricing for air and sea travel.