THE increase in the prices of wholesale construction materials in Metro Manila approached the double-digit mark in May due to more expensive fuels and lubricants, according to the Philippine Statistics Authority (PSA).
Based on the Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region (NCR) report, PSA said the index grew 8.3 percent in May 2022, the highest in the series.
This brought the January to May growth to 6.5 percent. In April 2022, the CMWPI grew 6.9 percent while it was only at 2 percent in May 2021.
“Higher double-digit annual growths were still recorded during the month in the indices of G.I. (galvanized iron) sheet, which rose further to 13.8 percent; reinforcing and structural steel, 15.7 percent; and fuels and lubricants at 46.1 percent,” PSA said.
The data also showed that the price of PVC pipes also grew in double-digit at 10.3 percent.
Other materials that posted the highest increases were electrical works at 8.6 percent; plumbing fixtures and accessories/waterworks at 7.1 percent; and hardware, 5.2 percent.
The wholesale prices of asphalt as well as machinery and equipment rental was at zero.
The PSA said the CMWPI is a variant of the General Wholesale Price Index that measures the changes in the average wholesale prices of
construction materials.
It added that the CMWPI is used to compute the price escalation of construction materials for various government projects.
The 2012-based CMWPI covers 101 items in the market basket. The CMWPI market basket includes selected construction materials identified from the different lateral and vertical construction projects in 2012.
These prices were based on the accompanying bills of materials provided by the Department of Public Works and Highways, National Housing Authority and Subdivision and Housing Developers Association.