Retail prices of construction materials in Metro Manila continued to decline in August, according to the Philippine Statistics Authority (PSA).
PSA data showed that the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) dropped by 0.4 percent in August.
The decline in August was larger than the 0.3-percent contraction posted in July 2015. In August 2014 the CMRPI grew by 1.5 percent.
Data also showed that the decline was due to the 1.7-percent contraction in the prices of electrical materials—one of the heavily weighted sectors in the CMRPI.
“Slower annual increments were noted in the corresponding indices of carpentry materials and painting materials and related compounds at 1.5 percent and 0.5 percent, respectively,” the PSA said.
On a monthly basis, the CMRPI in Metro Manila posted flat growth due to cheaper electrical and masonry-material prices.
The PSA also said there was a 0.1-percent decrease in the indices of painting materials and related compounds, plumbing materials, and tinsmithry materials.
However, the indices of carpentry materials and miscellaneous construction materials inched up by 0.1 percent and 0.5 percent, respectively.
“Prices of cement, paint thinner, GI [galvanized iron] pipes and selected tinsmithry materials generally declined during the month, while higher prices were noted in wire nails and steel bars during the period. The rest of the construction materials generally remained stable this month,” the PSA said.
The CMRPI is a variant of the General Retail Price Index (GRPI), which measures the changes in the prices used by retailers to sell their goods to consumers and end-users relative to a base year.
The market basket of the CMRPI is composed of 102 commodities and classified into seven major groups —carpentry, electrical, masonry, painting and related compounds, plumbing, tinsmithry and miscellaneous materials.
While the GRPI is computed monthly and comes out 36 days after the reference month, the CMRPI is available 15 days after the reference month.