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Manila Bulletin devider Business devider Construction material retail price growth rises after 16 months

Construction material retail price growth rises after 16 months

Published Jan 15, 2024 09:12 am

At A Glance

  • The Philippine Statistics Authority reported a slight uptick in the retail prices of construction materials in Metro Manila in December last year after 16 months of decline.
  • The growth in the Construction Materials Retail Price Index climbed to 1.4 percent during the month from 1.1 percent in November 2023.
  • This was the first time an increase was noted in the retail prices of construction materials since it declined to 6.9 percent in August 2022 from 7 percent.
  • PSA attributed this primarily to the slower decline in the index of miscellaneous construction materials.
  • Slower gains were observed in the indices of carpentry materials; electrical materials; painting materials and related compounds; and plumbing materials. 
  • Meanwhile, the growth of retail prices of masonry materials and tinsmithry materials picked up at a slower pace.

Growth in the retail prices of construction materials in Metro Manila inched up in December last year after 16 months of decline, according to a report by the Philippine Statistics Authority (PSA).

Based on the survey of seven commodity groups, the growth in the Construction Materials Retail Price Index (CMRPI) climbed to 1.4 percent during the month from 1.1 percent in November 2023.

This was the first time an uptick was noted in the retail prices of construction materials since it declined to 6.9 percent in August 2022.

However, the annual growth in December 2023 was still lower than the 5.6 percent annual downtick in the same month last year.

PSA attributed this primarily to the slower decline in the index of miscellaneous construction materials at 0.3 percent from 1.2 percent annual drop in the previous month.

Miscellaneous construction materials had the fourth-highest weight of all the seven major construction material commodity groups in the CMRPI.

Slower gains, meanwhile, were seen in the indices of carpentry materials; electrical materials; painting materials and related compounds; and plumbing materials. Declines were seen in masonry materials and tinsmithry materials.

Throughout the year, the CMRPI in NCR had an average of 2.5 percent from 5.8 percent in 2022. During the year, all commodity groups posted slower yearly average increases relative to their annual average increments in 2022.

The CMRPI is a variant of the General Retail Price Index (GRPI) that measures the changes in the average retail prices of construction materials.

The GRPI is used as a reference in the costing of government projects.

In December last year, the GRPI in Metro Manila remained at 1.7 percent for the third consecutive month on the back of slow increases and declines in construction materials.

Higher increments were observed in sand and gravel; hardware; lumber; and doors, jambs, and steel casement. On the other hand, slower annual increases were seen in concrete products and cement grew slower, plywood, G.I. sheet, and electrical works.
 

Related Tags

Philippine Statistics Authority construction materials
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