Prices of building materials ease further in September

MANILA, Philippines — Wholesale prices of building materials in Metro Manila continued to grow at a slower pace in September, indicating continued weakness in construction activity.

The Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region – which is used as a reference in the pricing of government projects – decelerated anew to 0.5 percent in September from one percent in August and 1.8 percent in July, bringing the year-to-date average to 1.4 percent.

This compares with the growth rate of 3.8 percent in September 2019.

The indexes of the following commodity groups continued to register annual declines during the month: plywood; plumbing and accessories/waterworks; reinforcing and structural steel and fuel and lubricants.

Annual rates, meanwhile, rose at a slower pace in the indexes of concrete products and cement as well as painting works.

Faster growth, however, was seen in the index of sand and gravel during the month.

The indexes of the rest of the commodity groups retained their previous month’s annual growth rates.

The 2012-based CMWPI covers 17 commodity groups comprising around 100 building materials.

The CMWPI market basket includes selected construction materials identified from the bills of materials provided by the Department of Public Works and Highways, National Housing Authority and Subdivision and Housing Developers Association.