The wholesale price growth rate of construction materials in the National Capital Region (NCR) remained flat in February compared to a year earlier, according to the Philippine Statistics Authority (PSA).
Data showed the construction materials' wholesale price index (CMWPI) posted a zero-percent year-on-year growth last month compared to 0.1 percent in January.
Its annual growth rate in February 2024 was at 1.0 percent.
Main factor for the flat rate was the slower annual increases in the indices of three commodities.
The price index of doors, jambs and steel casement was 0.5 percent in February, lower than the 0.6 percent in the comparable month; electrical works, 0.2 percent from 0.3 percent; and painting works, 1.0 percent from 1.1 percent.
Three commodity groups, on the other hand, had higher annual increases in February compared a month earlier.
The price index of hardware was 0.2 percent from 0.1 percent in January; tileworks, 1.1 percent from 0.8 percent; and plumbing fixtures and accessories/waterworks, 0.8 percent from 0.7 percent.
PVC pipes posted an annual increase of 0.1 percent compared to a 0.1 percent annual decline in January.
On the other hand, there were slower annual declines in the indices of cement at -1.0 percent from -1.1 percent; reinforcing steel, -0.1 percent from -0.3 percent; and fuels and lubricants, -3.3 percent from -3.4 percent.
The indices of the rest of the commodity groups either retained their respective previous month's annual growth rates, or had zero percent annual rates in February, the PSA said.
The CMWPl measures changes in the average wholesale prices of construction materials. It is a variant of the general wholesale price index (GWPI) and is used in the computation of price hikes of construction materials for various government projects.
Source: Manila Times
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