Prices of construction materials rise slowly despite abrupt oil price hikes

MANILA – Prices of construction materials rose slowly in May 2015 despite the consecutive hike in oil prices for the same month.Philippine Statistics Authority (PSA) data show that construction materials wholesale price in the National Capital Region in May 2015 increased by 0.5 percent from the previous month. PSA noted that the increase in construction materials wholesale price index (CMWPI) could be attributed to increment in prices of fuels and lubricants which went up by 4 percent.

A 0.1 percent increase in prices of concrete products and doors, jambs and steel casement were also noted in the same period. Likewise, construction materials retail price index (CMRPI) in May 2015 grew by 0.1 percent from April 2015. Faster increase in prices was observed in indices of electrical materials and painting materials and related compounds at 0.6 percent and 0.5 percent, respectively. “Higher prices of gasoline, diesel and fuel oil were registered during the month,”the PSA explained the uptick in prices of construction materials in Metro Manila in May.But year-on-year, construction materials wholesale prices had a -0.4 percent reversal from 2.2 percent increase in prices index in May 2014 while retail prices also had a decrement of 0.2 percent from an increment of 1.1 percent in the same period last year.