Price growth of construction materials slows in Metro Manila

MANILA, Philippines — Bulk prices of construction materials in Metro Manila moved up at a slower pace in May, according to the Philippine Statistics Authority (PSA).

Preliminary data released by the PSA yesterday showed Construction Materials Wholesale Price Index (CMWPI) growth in the National Capital Region (NCR) eased to 6.5 percent in May this year from 7.4 percent in the previous month.

CMWPI growth in May is also slower than the 8.3 percent in the same month last year.

PSA data also showed the May CMWPI growth was the slowest since the 5.2 percent growth in February last year.

“The main contributor to the lower annual growth rate of CMWPI was the heavily-weighted reinforcing and structural steel index, which registered an annual rate of 4.1 percent in May 2023 from 6.5 percent in April 2023,” the PSA said.

Other commodity groups, which had lower increases in May compared to April are hardware; plywood; lumber; G.I. sheet; doors, jambs, and steel casement; and painting works.

In addition, the following commodity groups registered further declines in May from April such as fuels and lubricants; PVC pipes; and glass and glass products.

Commodity groups that had higher growth rates are concrete products and cement; tileworks; electrical works; and plumbing fixtures and accessories or waterworks.

Those that had the same growth rates in May and April are sand and gravel; asphalt; and machinery and equipment rental.

Average growth of CMWPI in the January to May period was eight percent.