Wholesale prices of construction materials in the National Capital Region rose in August, driven by a 6.8 percent increase in the reinforcing steel price index, data from the Philippine Statistics Authority (PSA) on Thursday showed.
The August Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region rose by 1.7 percent year-on-year, compared with the 1.2 percent decline posted in the same month a year ago.
PSA attributed the rise to the faster annual increment of 6.8 percent posted in the reinforcing steel index, while the increases for nearly every other product index were slower than the previous year or posted a decline.
“Slower annual increases were seen in the indices of sand and gravel at 3.5 percent; concrete products, 2.4 percent; hardware, 0.7 percent; plywood, 0.8 percent; electrical works, 0.7 percent; and plumbing fixtures and accessories/waterworks, 1.7 percent,” PSA said.
Indices that saw declines were lumber at -0.4 percent; G.I. sheet, -2.7 percent; structural steel, -3.7 percent; tileworks, -1.1 percent; doors, jambs, and steel casements, -1.6 percent; painting works, -0.4 percent; and fuels and lubricants, -1.1 percent.
Also, flat growth was recorded in the indices of cement and PVC pipes, at 2.7 and 0.2 percent, respectively.
Despite the annual growth of the CMWPI, PSA noted that the index saw a minimal decline on a month-to-month basis at 0.2 percent, which followed a 0.1 percent month-to-month decline in July.
This was attributed to the indices of plywood and fuels and lubricants, which declined by 0.1 percent and 1.8 percent from a month earlier, respectively.
The remaining indices posted flat monthly growth, except for cement, which saw an uptick of 0.2 percent.
“Prices of gasoline, diesel and bunker fuel were also lower during the month,” compared to the previous month, the PSA added.