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Data of the building cost index have been corrected

The labour costs of the building cost index have been corrected starting from data concerning May. The correction also has an effect on the total index as shown in the figure. The error is caused by the temporary lowering of employment pension contributions paid by employers by 2.6 percentage points from May 2020 to the end of the year. The lowering of employment pension contributions was not considered earlier in the calculation of the building cost index. The weight share of labour costs in the total index is 40 per cent.

The absolute value of the differences between annual changes in the original total index and the corrected total index is, on average, 0.8 percentage points between May and October.

Figure 1. Original and corrected total index and labour index