A reduction in steel and gypsum product prices helped slow the steady gains in construction materials costs last month, according to the Bureau of Labor Statistics.
Even still, overall, prices climbed 1.6% for the month, according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. Building material prices increased 20.4%, year over year and have risen 31.3% since January 2020.
The biggest drop was in steel products, according to an analysis by the National Association of Homebuilders.
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