Prices of construction materials rise at faster pace in August

MANILA, Philippines - Wholesale prices of construction materials in Metro Manila rose at a faster pace in August from the previous month, the National Statistics Office (NSO) said.

“The annual growth in the wholesale prices of selected construction materials in the National Capital Region (NCR) based on the Construction Materials Wholesale Price Index rose 2.9 percent in August from 2.2 percent in July,” the statistics agency said in a report.

The NSO said wholesale prices were up as higher annual increases were seen in the following: cement index (3.5 percent in August from 0.9 percent in July); lumber index (4.3 percent from 3.9 percent); G.I sheet index (two percent from 1.9 percent); reinforcing steel index (3.9 percent from 3.3 percent); structural steel index (4.6 percent from 4.2 percent); glass and glass products index (0.7 percent from 0.6 percent); doors, jambs and steel casement index (3.8 percent from 3.7 percent); and fuels and lubricants index (1.5 percent from -2.5 percent).

Slower annual hikes were seen however in wholesale prices of sand and gravel which was at 7.1 percent in August from the previous month’s 7.6 percent; plywood which was at 2.9 percent from 3.4 percent, and tileworks which was at 3 percent from 3.8 percent.

Other construction materials with slower annual increments were electrical works (4.9 percent from 5.1 percent); painting works (3.8 percent from 4.8 percent); and PVC ( pipes (2.1 percent from 2.4 percent).

The NSO also said annual changes in the other commodity groups were the same as last month’s rates, while that for machinery and equipment rental was still zero.

While the annual growth of wholesale prices of construction materials picked up at a faster rate, the annual growth of retail prices was steady in August from the previous month.

“The annual growth of the retail price index of selected construction materials in the NCR was pegged at five percent in August, the same rate in July,” the NSO said.

The statistics agency said slight annual increases were seen in the indices of electrical materials, masonry materials and plumbing materials.

In particular, the electrical materials index went up 7.9 percent in August from 7.8 percent in July, while the masonry materials index rose 14 percent from 13.9 percent.

The plumbing materials index climbed 2.1 percent in August from the previous month’s 1.9 percent.

Slower annual upticks however were observed in other commodity groups except in tinsmithry materials as its annual rate dropped by -2 percent from -2.1 percent.