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Construction industry is similar to the manufacturing industry perhaps engg. made a product on the site rather than in a factory. while building something you required material & labor. when the inflation occur the price of the items & services increase, day to day essential things like food, fuel, consumer goods are become costly, thus this also effect individual & company. therefore the material price or manufactured things are become costly as the raw material prices goes up and similarly services are also become costlier.
Thus the material of cement, steel etc increase so would be the total cost of construction will increases.
What else can I help you with?
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How will inflation affect hospitality industry in Nigeria?
how does inflation affect hospitality in nigeria industry
Demand and supply in relation to the construction industry?
what are the counter measures for inflation?
How does inflation affect the airline industry?
Inflation affects the airline industry in a negative ways The increase in the prices does not help the business as the purchasing value of money is usually decreased which causes huge losses to the industry.
How would the inflation rate affect the hotel and restaurant industry in the Philippines?
The behavior (rise or fall) of the inflation rate directly affects consumer spending, and indirectly the hotel and restaurant industry.
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What economic factors or condition affect companies operating in construction industry?
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world construction today is the leading global construction industry online platform. It covers latest happenings in construction industry, construction industry reports, upcoming construction industry events & conference news.
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Inflation in the hospitality and catering industry refers to the rising costs of goods and services, which can affect everything from food prices to labor costs. This increase can result from various factors, including supply chain disruptions, increased demand, and economic conditions. As a result, businesses may raise their prices to maintain profit margins, impacting consumer spending and overall industry profitability. Ultimately, inflation can lead to shifts in customer behavior and industry practices as businesses adapt to the changing economic landscape.
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