September price hikes for construction materials biggest in 5 months—NSO
MANILA, Philippines—The increase in retail prices of building supplies in Metro Manila revved to a five-month high of 4.6 percent year on year in September, according to the National Statistics Office.
NSO data showed that the retail price index of selected construction materials in the National Capital Region—covering seven subgroups of products—rose to the highest level since the 4.7 percent recorded last April.
The acceleration of price increases in September was seen as price adjustments in two sub-groups geared up while prices of another sub-group turned around from a decline previously.
The increase in prices of painting materials and related compound quickened to 5.8 percent from 5.2 percent year on year in August while those for miscellaneous construction materials surged to 5.1 percent from 1.9 percent.
Also, the change in prices of masonry materials turned to a growth of 1.1 percent from a decline of -1.1 percent the previous month.
On the other hand, increases slowed down in carpentry materials (6.4 percent in September from 7.1 percent in August); electrical materials (4.4 percent from 4.9 percent); plumbing materials (4.2 percent from 4.5 percent), and tinsmith materials (2 percent from 2.9 percent).
On a monthly basis, the growth in the retail price index for construction supply also revved up, reaching 0.7 percent from 0.1 percent in August.
Faster price increases were seen in masonry materials (2.1 percent month on month from 0.3 percent), painting materials (0.8 percent from 0.1 percent) and tinsmith materials (1.6 percent from nil).
The change in prices of plumbing materials and of miscellaneous construction materials reversed to an increase of 0.2 percent and 3.4 percent, respectively, from -0.4 percent and -0.1 percent.
Prices of carpentry materials showed no monthly change, coming from an increase of 0.3 percent.
Prices of electrical materials dipped by 0.1 percent, the same as in the previous month.
The NSO said that in particular, price increases were observed in tiles, sand paper, selected sanitary plumbing, heating and lighting fixtures and fittings, and steel bars.
