Prices of construction materials slow in November

MANILA, Philippines — Growth in retail and wholesale prices of building materials in Metro Manila slowed in November from the previous month, the Philippine Statistics Authority (PSA) said.

Data released by the PSA showed the annual growth of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) eased to 6.2 percent in November 2022 from 6.6 percent in October last year.

NCR’s CMRPI, however, grew at a much faster pace in November compared to the 2.3 percent uptick posted in the same month in 2021.

For the January to November period, NCR’s CMRPI had an average growth of 5.9 percent.

“The slower year-on-year hike of the CMRPI was primarily due to the lower annual changes in the indices of plumbing materials at 5.5 percent from 6.5 percent in October 2022; and miscellaneous construction materials at 10.1 percent from 11.1 percent in October 2022,” the PSA said.

Lower annual upticks were also seen in November compared to October in the following commodity groups: carpentry materials; electrical materials; and painting materials and related compounds.

Tinsmithry materials posted a higher annual mark-up in November compared to October, while masonry materials’ growth rate was unchanged.

A separate PSA report showed the wholesale prices of construction materials in Metro Manila increased at a slower pace in November from October.

The Construction Materials Wholesale Price Index (CMWPI) in NCR recorded a 10.4 percent growth in November from 11 percent in October. This is faster than the 5.4 percent increase in November 2021.

NCR’s CMWPI posted an average growth of 8.1 percent from January to November last year.

“The lower annual growth in CMWPI was primarily brought about by the downtrend in the index for concrete products and cement at 10.5 percent in November 2022,” the PSA said.

In addition, slower upticks were seen in November in the following: sand and gravel; plywood; lumber; reinforcing and structural steel; doors, jambs, and steel casement; electrical works; plumbing fixtures, and accessories or waterworks; and fuels and lubricants.

On the other hand, those which posted increases in November were hardware, G.I. sheet, tileworks and painting works.

Those which had the same growth rate in November were glass and glass products, PVC pipes, asphalt and machinery and equipment rental.