H1 2026 Price Movements Update

Inflation Update H1 2026

The first half of 2026 has seen steady movement on most core materials, with the majority showing less than 5% growth in the year to date. Concrete (+10%) and concrete blocks (+9%) remain the outliers, driven by successive cement price increases alongside rising electricity, diesel and imported material costs to manufacturers.

Non-ferrous metals have continued their strong upward run, with aluminium (+39%), copper (+38%), tin (+65%) and zinc (+34%) all recording exceptional gains in the 12 months to June 2026. Structural demand from across markets for data centres, electric vehicles and renewables continues to underpin these markets, a particular exposure on M&E-intensive packages. Steel inputs remain comparatively contained, with rebar up 6-8% over the period.

On the energy front, the picture has reversed sharply from 2025. Crude oil (+44% YTD) and wholesale gas (+54% YTD) have surged following the escalation of conflict in the Middle East in late February and the effective closure of the Strait of Hormuz. While these are significant increases they are down significantly from the highs of March (crude oil +132%, wholesale gas +80%).

While some of these energy increases may gradually feed through to haulage, plant and energy-intensive materials, the domestic tender market remains competitive and overall inflation continues to run at modest levels. We are monitoring these movements closely and will keep clients updated through our quarterly reviews.

Please note: all data and commentary reflect conditions up to the end of June 2026.

If you’d like to have a chat on any further information covered please don’t hesitate to contact us.

You can view our previous newsletter narratives on Material Price Changes on our Insight Archive page.