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Business

Prices of construction materials rise further

Louella Desiderio - The Philippine Star
Prices of construction materials rise further
Construction workers place a temporary scaffolding while building the Quirino Avenue extension of Skyway Stage 3 on September 30, 2022.
STAR / Ernie Penaredondo

MANILA, Philippines — The retail prices of construction materials in Metro Manila continued to rise at a slower pace in October, while the growth in wholesale prices of building materials picked up at a faster rate, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed the annual growth of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) eased to 6.6 percent in October from 6.8 percent in September.

Compared to the 2.1 percent uptick posted in October last year, however, NCR’s CMRPI this year grew at a faster pace.

The average growth rate of the construction materials in NCR from January to October period was at 5.8 percent.

“The deceleration of CMRPI was mainly brought about by the lower annual growths in the indices of tinsmithry materials at 7.7 percent and plumbing materials at 6.5 percent,” the PSA said.

On the other hand, the rest of the commodity groups posted higher annual mark-ups in October compared to September such as carpentry materials; electrical materials; masonry materials; painting materials and related compounds; and miscellaneous construction materials.

While the growth in retail prices of construction materials in NCR eased in October from the previous month, the PSA said the growth in wholesale prices of building materials continued its uptrend.

The increase in Construction Materials Wholesale Price Index (CMWPI) in NCR was at 11 percent in October, up from the 10.5 percent in September.

The growth in NCR’s CMWPI in October this year was also higher than the 4.7 percent in the same month last year.

For the 10-month period this year, NCR’s CMWPI posted an average growth of 7.9 percent.

The PSA attributed the increase to the double-digit annual increase in the index for GI sheet, which was at 16.6 percent in October, up from 12.7 percent in September.

Other commodity groups with higher annual increments in October compared to September are: sand and gravel; concrete products and cement; plywood; lumber; reinforcing and structural steel; and tileworks.

Those with slower annual upticks in October compared to September included hardware; doors, jambs, and steel casement; electrical works; plumbing fixtures and accessories or waterworks; painting works; PVC pipes; and fuels and lubrants.

As for glass and glass products, the PSA said the index kept its annual growth rate for six consecutive months at 1.6 percent.

Meanwhile, the indexes of asphalt; and machinery and equipment rental retained their zero percent annual growth rates.

CONSTRUCTION MATERIALS

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