Global inflation gains momentum: Higher steel prices hit U.S. the hardest but effects felt worldwide

The thirteenth annual survey of international construction costs indicates an increase of 5.2% in construction inflation in 23 countries in Europe, Asia and the Middle East, which could be attributed to the major role played by China in the international construction cost trends. The contractors in the United States were also affected by the increase in the steel prices but the contractors in Europe were affected to a lesser extent as compared to the U.S. contractors.