Construction plant hire prices have taken a dive again after rallying at the tail end of last year, according to the latest services producer prices index.

The ONS data shows how in the final quarter of last year prices perked up to a level last seen almost two years earlier. However the rally now looks short lived and prices are once again back to similar rates as were seen in 2003.

The question is whether or not this may be a prelude to further downward pressure, as the industry prepares itself for heavy weather ahead.

What the graph clearly shows is how far plant hire prices have fallen in comparison with other services.

The index is calculated by ONS using prices where the service is usually the hire of a piece of machinery for a given duration. Prices are collected from a stratified random sample of Construction Plant Hire Association members for eight product categories: Cranes, Powered Work Platforms, Haulers & Other Vehicles, Small & Non-operator Plant (excluding Rollers & Compaction), Earth-Moving Equipment, Rollers/Compaction Plant, Site-Handling Equipment, Site Accommodation.