Hyperinflation is the only way to describe the cost of building materials at the moment.

That's according to Tom Parlon, director-general of the Construction Industry Federation (CIF).

He was speaking as the Banking and Payments Federation says the surging cost of materials is going to mean house prices stay at Celtic Tiger levels.

It says the cost of building materials needs to be closely monitored, after rising by over 18% in the year to April.

That is the second highest increase since June 2000.

Suppliers will also tell contractors this week that cement is up 10%, radiators have increased by 6%, cylinders are up 10% and oil tanks have increased by 17%.

Mr Parlon told Pat Kenny several factors are keeping these materials at a high price.

"I know we have major problems since the Ukrainian-Russian war - but immediately after the opening up of building sites, and opening up of activity after COVID, there was a surge of demand for products.

"We know that [the] supply chain was affected just by shipping and by shipping containers and all of that.

"Brexit obviously is a problem, because the normal supply chain here would have come in previously through the UK.

"And then of course we have the Ukrainian-Russian war, and the massive increase in energy costs.".

Steel and timber

He says this has seen big inflation to building prices.

"In lots of construction materials, very important products like steel and timber, have gone up by 60% and 100%.

"I was talking to one of my members this morning: he said that hardwood timber flooring, he's just been notified that it's going up by 20%, he needs to give a 12-week advance order and cash with order.

"So that's the sort of difficulties that people are having at the moment - it's practically every product that's involved".

He says "hyperinflation I think is the only description we could give to building materials at the minute".

But going forward, he believes a focus on rebuilding Ukraine will also mean higher costs.

"Hopefully, keeping fingers crossed that we will see a resolution to the conflict, there's going to have to be a massive rebuild in the Ukraine.

"[This] is going to lap up construction material and construction labour.

"If you take steel, that famous Azol [sic] plant down in Mariupol where the Ukrainians hung out for months and months and months, that was the single biggest steel manufacturing plant in the world.

"Doubtful if that will ever produce steel again - so rebuilding that capacity for basic raw materials is certainly going to be a challenge".