Construction prices up in June

MANILA, Philippines - Metro Manila saw retail prices of construction materials pick up at a faster rate in June from the previous month, the National Statistics Office (NSO) said.

In a report posted on its website, the NSO said that the retail price index of selected construction materials in the National Capital Region (NCR) went up 4.7 percent year-on-year in June, much faster compared to the 2.6 percent increase in May.

“Higher annual increments were observed in the indices of the following commodity groups: carpentry materials, 1.7 percent from 1.2 percent; electrical materials, 7.9 percent from 2.1 percent; and masonry materials, 5.9 percent from 2.3 percent,” it said.

It said slower annual increases, however, were seen in the painting materials and related compounds index which was at 2.5 percent in June from 2.9 percent in May, and the plumbing materials index which was at 1.8 percent in June compared to 2 percent in the previous month.

The retail prices of miscellaneous construction materials also rose at a slower rate of 14 percent in June from May’s 15.1 percent.

The NSO noted that movement in the retail prices of tinsmithry materials was still negative at -1.9 percent from -2 percent.

On a month-on-month basis, the retail price index in NCR climbed by 1.9 percent in June compared to May’s -0.1 percent.

The NSO said June’s retail price index was a result of the upward movements in carpentry, painting, electrical, masonry and tinsmithry materials for the period.

It noted that the carpentry and painting materials indices both showed increases at 0.1 percent from -0.2 percent and -0.1 percent, respectively.

The electrical materials index was at 5.3 percent from zero growth, while the masonry materials index was at 3.8 percent compared to the previous month’s 0.1 percent, and the tinsmithry materials index was at 0.3 percent from -0.3 percent.

“Price add-ons were noted in common wire nails, electrical wires, cement, sand, gravel, hollow blocks and corrugated GI sheet,” the NSO said further.

Last week, the NSO reported that the year-on-year increase in the Construction Materials Wholesale Price Index (CMWPI) in Metro Manila rose at a slower rate of 2.4 percent in June from 3.6 percent in May.

Month-on-month, the CMWPI in Metro Manila continued to drop to -0.8 percent in June from -0.3 percent in May.