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Business

Wholesale prices of building materials surge in November

Louise Maureen Simeon - The Philippine Star
Wholesale prices of building materials surge in November
The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, swelled 5.4 percent in November from 4.7 percent in October.
STAR / File

MANILA, Philippines — Wholesale prices of building materials in Metro Manila surged in November as the easing of the alert level system prompted more construction activities, the Philippine Statistics Authority (PSA) said.

The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, swelled 5.4 percent in November from 4.7 percent in October.

The faster increase for the index is still due to returning demand in construction as the government implements the looser alert level system in Metro Manila.

In November, NCR was under Alert Level 2, allowing more economic activities in the capital.

For CMWPI, the index of fuels and lubricants registered the highest increase at 38.3 percent, the highest for 2021 yet.

Faster increments were also seen in the indexes of the following commodity groups: reinforcing and structural steel, concrete products and cement, doors, jambs, and steel casement, electrical works, plumbing fixtures and accessories, sand and gravel, and plywood.

Declines, on the other hand, were recorded in tile works, hardware and lumber.

Commodity groups with stable growth include glass products, asphalt, equipment rentals, galvanized iron sheet, painting works and PVC pipes.

The 2012-based CMWPI covers 101 items. The 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.

WHOLESALE

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