More expensive masonry and plumbing materials raised the average retail prices of construction materials in Metro Manila last year, according to the Philippine Statistics Authority (PSA).
The annual average growth of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) increased 1.3 percent in 2016, from the contraction of 0.1 percent in 2015.
CMRPI data showed higher annual average mark-ups were seen in the indices of masonry materials and plumbing materials at 2 percent and 1.5 percent, respectively.
“Moreover, the annual average growths in the indices of electrical materials and miscellaneous construction materials correspondingly went up by 0.9 percent and 2.4 percent from negative rates registered the previous year. The other commodity groups exhibited lower annual average gains during the year,” the PSA said.
Last December the CMRPI in Metro Manila was pegged at 1.8 percent, higher than the 0.4 percent posted in December 2015, but slower than the 2.2 percent in November 2016.
The PSA data also showed that on a monthly basis, the CMRPI in NCR rose by 0.1 percent in December 2016, the same month-on-month growth rate posted the previous month.
Data showed the index of masonry materials went up at a faster pace of 0.3 percent. Further, from a zero growth in November 2016, the indices of carpentry materials inched up by 0.2 percent; tinsmithry materials, 0.3 percent; and miscellaneous construction materials, 0.1 percent.
However, painting materials and related compounds index decreased by 0.1 percent, while electrical and plumbing materials indices registered flat growth during the month.
“Higher prices were observed in hinges, cement, sand, glazed tiles, GI sheets and steel bars during the period,” the PSA said.
The CMRPI is a variant of the General Retail Price Index that measures the changes in the average retail prices of construction materials.
The market basket for Selected Construction Materials is composed of 102 commodities and classified into seven major groups.
These are carpentry; electrical; masonry; painting materials and related compounds; plumbing; tinsmithry; miscellaneous construction materials.