The annual construction materials retail price index (CMRPI) in the National Capital Region (NCR) increased by 2.3 percent in October, based on data released Tuesday by the Philippine Statistics Agency (PSA).
Higher prices were particularly observed in plywood, common wire nails, electrical wires, PVC pipe, cement, sand, gravel, G.I. pipes and G.I. elbow.
The following commodity groups also saw an annual increase: carpentry materials (3.3 percent), electrical materials (1.6 percent), masonry materials (3.8 percent) and tinsmith materials (2.0 percent). Indices for plumbing materials and miscellaneous construction materials meanwhile slowed down to 1.2 percent and 3.2 percent, respectively. Index for painting materials and related compound is steady at 0.7 percent.
Month on month, CMRPI in NCR inched up by 0.3 percent in October from the 2 percent recorded in September.
The indices of masonry materials also increased by 2 percent; plumbing materials, 0.1 percent; tinsmith materials, 0.4 percent. Painting materials and related compound index likewise saw an 0.03 percent marginal increase from September to October.
Electrical materials index eased to 0.1 percent, according to the PSA data, while indices of carpentry materials and miscellaneous construction materials moved at their previous month’s rate of 0.1 percent.
Increases in the cost of building materials are attributed to factors such as delays in the construction of major infrastructure projects and a weakening peso. Inflation report from the PSA released in October meanwhile indicated signs of a slowdown, with expectations for a stronger peso performance in the coming months.
The CMRPI follows the price of 102 commodities under seven groups: carpentry, electrical, masonry, painting and related compounds, plumbing, tinsmith and miscellaneous construction materials. The price collection on selected construction materials is recorded every month in 16 retail markets in NCR.