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Philippines: Construction material prices rise at slower pace

MANILA, Philippines — Retail and wholesale prices of building materials in Metro Manila grew at a slower pace in January from the previous month, according to the Philippine Statistics Authority (PSA).

Data from the PSA showed the year-on-year growth of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) eased to 5.5 percent in January, from the 5.6 percent in December 2022.

Compared to the three percent growth in CMRPI in January last year, last month’s was faster.

“The downtrend of CMRPI in NCR was mainly influenced by the lower annual growth rate in the index of plumbing materials at 4.4 percent during the month from five percent in December 2022,” the PSA said.

Other commodity groups with slower growth rates month-on-month in January are miscellaneous construction materials at 8.5 percent from 8.9 percent; masonry materials at 3.6 percent from 4.4 percent; and electrical materials at 3.1 percent from 3.3 percent, previously.

Meanwhile, those with higher annual mark-ups are carpentry materials and tinsmithry materials.

As for painting materials and related compounds, the index retained the December growth rate of 5.2 percent in January this year.

Data from the PSA also showed wholesale prices of construction materials in Metro Manila rose at a slower pace in January this year from December last year.

In particular, the Construction Materials Wholesale Price Index (CMWPI) in NCR was at 9.4 percent in January this year from 10.3 percent in December.

The growth in NCR’s CMWPI in January this year, however, is faster than the 5.3 percent increase in the same month last year.

“The heavily weighted reinforcing and structural steel index recorded a lower annual growth rate of 11.4 percent in January 2023 compared with its annual growth rate of 12.3 percent in December 2022, primarily driving the decrease in the annual increment of CMWPI,” the PSA said.

Slower annual upticks were also seen in the following commodity groups in January this year compared to December 2022: sand and gravel; doors, jambs, and steel casement; concrete products and cement; hardware; lumber; G.I. sheet; tileworks; electrical works; plumbing fixtures and accessories or waterworks; painting works; PVC pipes; and fuels and lubricants.

Plywood; and glass and glass products kept their respective December 2022 growth rates in January this year, while asphalt; and machinery and equipment rental maintained their zero growth rate.

Source: https://www.philstar.com/business/2023/02/23/2246879/construction-material-prices-rise-slower-pace