Retail prices of construction materials in Metro Manila posted its eighth consecutive month of growth in October, according to the Philippine Statistics Authority (PSA).
PSA data showed the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) grew 2.3 percent in the last month.
In September the CMRPI increased by 2 percent, while in October 2015, it declined by 1.4 percent.
“The uptrend was primarily due to the double-digit annual gain of 11.4 percent posted in miscellaneous construction materials index,” the PSA said.
PSA data also showed there were increases in the prices of electrical materials at 1.5 percent; painting materials and related compounds, 1.6 percent; and tinsmithry materials, 1.1 percent.
However, the growth in the prices of masonry materials contracted to 2.9- percent, while carpentry materials and plumbing materials moved at their previous month’s rates of 1.6 percent and 2.6 percent, respectively.
On a monthly basis, the CMRPI grew 0.1 percent in October 2016, from a contraction of 0.1 percent in September 2016.
“Upward adjustments were registered in the prices of plywood, machine bolt and nuts, wiring devices, cement and hollow blocks, sand paper, faucet, GI [galvanized iron] pipes and steel bars,” the PSA said.
Data showed from negative rates recorded last month, prices of carpentry materials rose 0.1 percent and painting materials and related compounds, 0.2 percent.
Prices of electrical materials, likewise, went up by 0.2 percent. On the contrary, the increase in plumbing materials prices slowed down to 0.1 percent, while masonry materials and tinsmithry materials posted a flat growth in October 2016.
The CMRPI is a variant of the General Retail Price Index that measures the changes in the average retail prices of construction materials.
The market basket for Selected Construction Materials is composed of 102 commodities and classified into seven major groups.
These are carpentry; electrical; masonry; painting materials and related compounds; plumbing; tinsmithry; miscellaneous construction materials.