Prices of building materials in NCR grow at slower pace in November

MANILA, Philippines — Wholesale prices of building materials in Metro Manila grew at a slower pace in November as the heavily-weighted indexes for steel and cement grew slower, the Philippine Statistics Authority (PSA) reported yesterday.

Growth in the Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region slowed down to 1.4 percent in November from 2.6 percent in October 2019 and 5.6 percent in November 2018.

This brings the year-to-date average growth in the index to 3.1 percent.

The CMWPI is used as a reference in the computation of cost for government projects.

Annual decreases were still noted in the indices of reinforcing steel and structural steel; as well as doors, jamb, and steel casement.

Slower annual gains were also registered in the indices of the following commodity groups: concrete products and cement; hardware, plywood, lumber and galvanized iron sheets; tileworks; electrical works; plumbing fixtures and accessories.

Meanwhile, faster growth was seen in the indices of sand and gravel; and fuels and lubricants.

The indices of the rest of the commodity groups registered zero growth during the period.

Month-on-month, there was a slight uptick in the CMWPI as the negative growth of 0.3 percent in October was reversed to 0.1 percent in November.

Faster monthly upticks were seen in the index of sand and gravel; reinforcing and structural steel; as well as concrete products and cement.

The 2012-based CMWPI covers 101 items in the market basket that includes selected construction materials identified from the various lateral and vertical construction projects by government agencies.