Price increases for construction materials in Metro Manila gathered pace in January, with both wholesale and retail indices posting faster annual growth, according to the Philippine Statistics Authority.

Preliminary data showed that the Construction Materials Wholesale Price Index (CMWPI) in the National Capital Region rose 0.9 percent year on year in January, slightly quicker than the 0.8 percent increase recorded in December and higher than the 0.1 percent gain a year earlier. It marked the fastest pace since February 2024.

The PSA said the improvement was driven by narrower annual declines in structural steel, reinforcing steel, and metal products. Hardware items returned to growth after posting a decline in December, while fuels and lubricants also shifted to positive territory. Prices of PVC pipes likewise registered a slightly faster increase.

At the retail level, the Construction Materials Retail Price Index (CMRPI) climbed 1.2 percent in January, up from 1 percent in December. The latest figure was the quickest since December 2024.

Faster annual growth in tinsmithry and plumbing materials, as well as miscellaneous construction items, contributed to the rise in retail prices. Meanwhile, carpentry materials posted a smaller annual drop compared with the previous month.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the January uptick reflects a mix of seasonal and cost-related factors.

“What we’re seeing in January is a post-holiday price reset combined with real cost pressures — higher import costs for cement and steel, elevated fuel and logistics expenses, and a pickup in construction activity as projects restart,” he said.

Ravelas noted that the increase in wholesale prices is beginning to filter through to retail markets, indicating that contractors are passing on higher costs.

“For February, prices should stay firm but stable, not spike. Over the rest of the year, expect a gradual upward trend — not a surge — as demand remains strong but supply chains are far more normalized,” he added.

The CMRPI is computed using 2012 as the base year, while the CMWPI uses 2018 as its base year.