MANILA, Philippines — The increase in the wholesale prices of construction materials in the National Capital Region (NCR) continued to ease in August from the previous month amid slower upticks in seven commodity groups.
The Philippine Statistics Authority (PSA) said the annual growth in the Construction Materials Wholesale Price Index (CMWPI) in NCR slowed down to seven percent in August from 8.7 percent in July.
It was faster, however, compared to the CMWPI’s 4.3 percent growth in August last year.
“The lower annual growth in CMWPI was still primarily brought about by the downtrend in reinforcing and structural steel at 10.7 percent in August 2022,” PSA said.
Other commodity groups that posted slower increments in August are plywood (4.8 percent); lumber (4.6 percent); GI sheet (3.6 percent); doors, jambs, and steel casement (2.2 percent); electrical works (7.5 percent); and fuels and lubricants (30.3 percent).
On the other hand, commodity groups with higher increases in August are sand and gravel (6.4 percent); concrete products and cement (6.3 percent); hardware (6.2 percent); and painting works (7.1 percent).
Those that retained their previous month’s annual growth rates in August are tile works; glass and glass products; plumbing fixtures and accessories or waterworks; and PVC pipes.
Those that retained their zero percent growth in August are asphalt, and machinery and equipment rental.
For the January to August period, the CMWPI posted an average growth of 7.1 percent.
The CMWPI measures changes in the average wholesale prices of selected building materials.
Its market basket covers 101 items and includes 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.
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The article was originally published in PhilStar GLobal and written by Louella Desiderio.
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