Wholesale prices of building materials in NCR drop in February

MANILA, Philippines — Growth in the wholesale prices of building materials in the National Capital Region (NCR) slowed down in February, snapping a brief uptick in January, the Philippine Statistics Authority (PSA) reported.

Preliminary results of the Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, grew at a slower pace of 1.5 percent in February from 1.8 percent in January. This is also significantly slower compared with the growth rate of 3.8 percent in February 2019.

Annual declines were seen in the indexes of plywood, doors, jambs, and steel casement, as well as fuels and lubricants.

Slower growth were seen in the following commodity groups: sand and gravel, concrete products and cement, electrical works, as well as plumbing fixtures and accessories.

Faster growth, meanwhile, were still seen in the indexes of the following commodity groups: hardware, lumber, galvanized iron sheets, reinforcing and structural steel, and tileworks.

The rest of the commodity groups registered flat growth in February.

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 (DPWH), National Housing Authority (NHA) and Subdivision and Housing Developers Association (SHDA).

Retail prices of building materials in NCR, meanwhile, continued to accelerate in February.

The Construction Materials Retail Price Index (CMRPI) in the NCR went up to 1.1 percent in February from 0.7 percent in January.