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Philippines: Prices of building materials rise at slower pace in May
MANILA, Philippines — Retail prices of construction materials in the capital region rose at a slower pace in May, the Philippine Statistics Authority (PSA) said.
The Construction Materials Retail Price Index (CMRPI) in the National Capital Region moved upward to 1.2 percent, slower than the 1.3 percent in April.
However, it is much faster than the one percent growth recorded in May last year.
The slower uptick indicated continued returning but tamed demand for construction activities during the month, especially as Metro Manila was just coming off strict lockdown measure.
Annual increments were only faster in the indexes of electrical materials at 0.8 percent and miscellaneous construction materials at 1.5 percent.
Carpentry and masonry materials, on the other hand, both went down to 1.5 percent.
The indexes of tinsmithry, plumbing and painting materials retained their previous month’s rate at 1.8 percent, 0.7 percent and 0.9 percent, respectively.
The CMRPI is a variant of the General Retail Price Index (GRPI) that measures the changes in the average retail prices of construction materials. It uses 2012 as the base year.
It covers 102 building materials classified into seven commodity groups: carpentry materials, electrical materials, masonry materials, painting materials and related compounds, plumbing materials, tinsmithry materials, and miscellaneous construction materials.
Prices for the CMRPI are collected through personal interviews or actual price quotations from selected sample outlets in NCR.
Collection of prices is done during the first to third week of the reference month.
Source: https://www.philstar.com/business/2021/06/17/2105959/prices-building-materials-rise-slower-pace-may