RETAIL prices of construction materials in the National Capital Region continued to rise in October from a year earlier, led largely by the miscellaneous construction index, according to government data released on Wednesday.
The Philippine Statistics Authority (PSA) said that the Construction Materials Retail Price Index (CMRPI) rose 2.3 percent in October from a year ago, maintaining the uptrend seen the previous month.
In September 2016, the CMRPI was up 2.0 percent year-on-year, bringing the year-to-date growth rate to 1.1 percent.
In October last year, the index was down 1.4 percent from a year earlier.
“The uptrend was primarily due to the double-digit annual gain of 11.4 percent posted in the miscellaneous construction materials index,” the PSA said.
Other construction material indices also recorded increases from their year ago-levels, such as electrical materials, up 1.5 percent; painting materials and related compounds, up 1.6 percent; and tinsmithry materials, up 1.1 percent.
However, the annual increase in the prices of masonry materials slowed to 2.9 percent while prices in the carpentry materials and plumbing materials indices grew at the previous month’s rates of 1.6 percent and 2.6 percent, respectively.
Month on month, the CMRPI inched up by 0.1 percent in October 2016 compared to the -0.1 percent decline recorded in the previous month.
However, a higher increment of 0.3 percent was observed in the miscellaneous construction materials index, the PSA said.
After registering declines in the previous month, the carpentry materials index rose 0.1 percent, painting materials and related compounds grew 0.2 percent, and electrical materials also inched up by 0.2 percent.
In contrast, the annual price growth of plumbing materials decelerated to 0.1 percent, while the indices of masonry materials and tinsmithry materials posted flat growth during the month.
“Upward adjustments were registered in the prices of plywood, machine bolt and nuts, wiring devices, cement and hollow blocks, sand paper, faucet, G.I. pipes and steel bars,” the PSA said.