Prices of construction materials rise at slower rate in February

MANILA, Philippines - Wholesale prices of construction materials in Metro Manila went up at a slower rate in February from the previous month due to slower gains in prices of most commodity groups, the National Statistics Office (NSO) said.

The statistics agency said in a report the annual movement in the Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region rose two percent in February compared to the 2.3 percent growth in January.

Out of the 19 commodity groups, 10 posted slower increases.

“Slower annual gains were recorded in the indices of the following commodity groups: sand and gravel (4.3 percent from 5.5 percent); hardware (2.5 percent from 2.6 percent); G.I. sheet (1.6 percent from 2.5 percent); reinforcing steel (3.6 percent from four percent); structural steel (3.3 percent from 3.6 percent); doors, jambs and steel casement (1.7 percent from 1.8 percent); electrical works (3.6 percent from four percent); plumbing fixtures and accessories or waterworks (1.7 percent from two percent); painting works (1.5 percent from 1.7 percent); and PVC pipes (1.4 percent from 1.5 percent),” the NSO said.

It said the further deceleration in prices of fuel and lubricants likewise contributed to the slower movement of the index in February.

The fuels and lubricant index went down further by 2.6 percent in February after declining 1.7 percent in the previous month.

Meanwhile, higher annual growths were seen in the following commodity groups: cement, plywood, lumber, tileworks and glass and glass products.