Prices of building materials up in August

MANILA, Philippines — Wholesale prices of building materials in Metro Manila surged in August even with the imposition of the third round of lockdown in the capital, 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 significantly faster pace of 4.3 percent in August from just 2.3 percent in July.

This is also much higher than the one percent hike recorded in the same period a year ago.

The faster uptick was seen even after enhanced community quarantine was reimposed in Metro Manila in August.

The index of fuels and lubricants registered the highest increase at 17.4 percent, but this was already slower than the 28 percent expansion the month before.

Faster increments were also seen in the indexes of the following commodity groups: reinforcing and structural steel, electrical works, plywood, galvanized iron sheet, doors, jambs, and steel casement, painting works, concrete products and cement, and lumber.

Declines, on the other hand, were recorded in sand and gravel and plumbing fixtures and accessories.

Commodity groups with stable growth include hardware, tile works, glass products, PVC pipes, asphalt, and equipment rentals.