The retail prices of construction materials sold in Metro Manila inched up by 0.9 percent in July, the latest data from the Philippine Statistics Authority (PSA) showed.
Based on the Construction Materials Retail Price Index (CMRPI), the pace of increase in the National Capital Region (NCR) was slower than the hike of 1 percent recorded in June and the 2.5 percent recorded in July 2018.
The PSA said this was largely due to slower adjustments in the retail prices of electrical materials at 0.3 percent; plumbing materials, 0.5 percent; tinsmithry materials, 0.9 percent; and miscellaneous construction materials, 1 percent.
“Carpentry materials index retained its previous month’s annual rate of 1 percent,” the PSA said.
Data from the PSA also showed that the retail prices of masonry materials, grew by 1.9 percent and that of painting materials and related compounds by 1.2 percent.
On a monthly basis, retail prices of construction materials in Metro Manila inched up by 0.05 percent in July. In June, retail prices for these commodities contracted 0.5 percent.
The indices of carpentry materials grew 0.02 percent; masonry materials and painting materials and related compounds, 0.3 percent; plumbing materials, 0.04 percent; and tinsmithry materials, 0.1 percent.
“Higher prices during the month were posted in lumber, plywood, common wire nails, gravel, sand, hollow blocks and paints,” the PSA said.
“Prices of corrugated GI [galvanized iron] sheets also went up during the month. Meanwhile, prices of electrical wires, cement and steel bars went down during the period,” it added.
The PSA said the increase in the indices of electrical materials and miscellaneous construction materials slowed to 0.1 percent and 0.2 percent, respectively.
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 RPI of Selected Construction Materials is composed of 102 commodities and classified into seven major groups.