Consultant Turner & Townsend has revised its inflation forecast for real estate tender prices upwards to 5.5% in 2021.
The four-percentage-point change from 1.5% to 5.5% is Turner & Townsend’s largest upward revision on record, which it blamed on the volatility of raw material and labour costs and stresses on the supply chain.
It warned that some projects could experience inflation of up to 10%.
When it came to infrastructure tender prices, it predicted a one percentage point uplift to its 2021 forecast, from 2% to 3%.
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