MANILA, Philippines — Wholesale prices of building materials in Metro Manila eased in May after the region came from a month-long lockdown, the Philippine Statistics Authority (PSA) said.
The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, rose at a slower pace of two percent in May from 2.4 percent in April.
However, the figure was still higher than the 1.3 percent recorded in the same period a year ago.
The slower uptick was a result of less demand especially as the capital just came back from the strictest quarantine measure.
The index of fuels and lubricants registered the sharpest increase at 25.3 percent, coming from a 22.3 expansion a month ago.
Faster increments were also seen in the indexes of the following commodity groups: concrete products and cement, hardware, plywood, lumber, galvanized iron sheet, tile works, doors, jambs, and steel casement, electrical works, painting works, and sand and gravel.
Declines, on the other hand, were recorded in reinforcing and structural steel, plumbing fixtures and accessories, and PVC pipes.
Commodity groups with stable growth include glass products, asphalt, and equipment rentals.
The 2012-based CMWPI covers 101 items.
The market basket includes selected construction materials identified from the bills of materials provided by the Department of Public Works and Highways, National Housing Authority, and Subdivision and Housing Developers Association.
Article and Photo originally posted by Philippine Star last June 20, 2021 12:00am and written by Louise Maureen Simeon.
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