Forecast percentage uplifts in the RLB Tender Price Index have become more subdued on a global basis. With less market activity and pipeline, a large part of the inflation is driven by input cost movements.

Much of Asia and Europe are showing more subdued inflation levels than the rest of the world. Those regions still tracking higher long-term levels of inflation than recent historic long-term averages include Africa, North America and Oceania, which are seeing a forecast softening in the medium term (2025 to 2027).

More than 70% of our global forecasts are tracking downwards in 2025 as global inflationary pressures ease. The changes in our forecasts over the previous 12 months have generally been fewer in number and smaller, demonstrating an overall less volatile market, at least in terms of inflation.