Prices of building materials in metro up for 5th month

Wholesale prices of building materials in Metro Manila picked up for the fifth straight month in March, posting its highest level since the start of the pandemic last year, the Philippine Statistics Authority (PSA) said.

The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, went up 2.2 percent in March from two percent in February and 1.6 percent in March 2020, when quarantine restrictions were first put in place.

The index of fuels and lubricants registered the sharpest increase at 6.8 percent, coming from a 0.3 percent contraction the month before.

Faster increments were also seen in the indexes of the following commodity groups: sand and gravel, hardware, plywood, galvanized iron sheet, doors, jambs, and steel casement, electrical works and painting works.

Decline, on the other hand, was recorded in plumbing fixtures and accessories.

Commodity groups with stable growth include concrete products and cement, lumber, reinforcing and structural steel, tile works, glass products, PVC pipes, asphalt and equipment rentals.

The 2012-based CMWPI covers 101 items.

The market basket includes selected construction materials identified from the bills of materials provided by the Department of Public Works and Highways, National Housing Authority and Subdivision and Housing Developers Association.