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Philippines: Prices of building materials up in January

MANILA, Philippines — Retail prices of construction materials in the national capital region accelerated in January, indicating a steady resumption of demand, the Philippine Statistics Authority (PSA) said.

The Construction Materials Retail Price Index (CMRPI) in NCR rose at a faster clip of 1.2 percent in January 2021 from 0.7 percent last year.

However, it decelerated from the 1.4 percent recorded in December 2020.

Annual hikes were recorded in the indices of carpentry materials and masonry materials, both rising by 1.5 percent, and painting materials and related compounds growing by 1.7 percent.

Slower growth, meanwhile, was seen in electrical and plumbing materials.

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.

Source: https://www.philstar.com/business/2021/02/25/2080134/prices-building-materials-january