September 5, 2022 | 00:00
MANILA, Philippines — Increases in wholesale building materials prices in the National Capital Region (NCR) eased in July, with six commodity groups posting slower increases.
The Philippine Statistics Authority (PSA) said the annual increase in the Wholesale Building Materials Price Index (CMWPI) in the NCR eased to 8.7% in July from 8.9 % in June.
PSA said the 8.9% annual rise in June was the highest since October 2008.
The CMWPI’s annual growth in July, however, was higher than the 2.3% annual increase in the same month last year.
“The lower annual growth in CMWPI was primarily driven by the downward trend in structural and structural steel to 14.9% in July 2022,” PSA said.
In addition, slower annual increases were observed in the following product groups in July: plywood; GI record; electrical work; PVC pipes; and fuels and lubricants.
In contrast, the following items showed higher annual increments: sand and gravel; concrete and cement products; Material; lumber; tiles; steel doors, jambs and frames; plumbing/aqueduct fixtures and fittings; and painting work.
PSA said glass and glass products maintained their annual growth rate of 1.6% the previous month in July.
As for the asphalt and machinery and equipment rental indices, PSA said they maintained their zero percent annual growth during the month.
The CMWPI, which is one of the economic indicators designed to measure changes in the average wholesale prices of certain building materials, uses 2012 as its base year.
Covering 101 items, the CMWPI market basket includes building materials identified from construction projects, along with schedules provided by the Department of Public Works and Highways, the National Housing Authority, and the Subdivision and Housing Developers Association.