There is a wide range of forecasts for tender price inflation, ranging from -10% to 15 – 20%. Many countries saw significant cost escalation for products and materials coming out of the pandemic, which was renewed when Russia invaded Ukraine due to soaring energy costs. High energy costs remain a challenge for 2023 and positive construction inflation is forecast for most markets. Some countries forecast lower construction inflation rates, where the market is subdued due to high inflation rates and/or the impact of the Russia-Ukraine war. Tender price inflation is heavily influenced by contracting market capacity and the perception of risk — increases may be higher or lower depending on the sector, region and supply chain appetite. Therefore, projects should be considered on a case-by-case basis reflecting individual factors.