Connect with us

Hi, what are you looking for?

Economy

NCR wholesale price of construction materials rises in December

WHOLESALE PRICES of construction materials in Metro Manila grew at a faster pace in December, while retail price growth slowed, according to the Philippine Statistics Authority (PSA).

The PSA said Wednesday that the construction materials wholesale price index (CMWPI) rose 1% year on year in December from a rise of 0.8% in November.

Growth in the construction materials retail price index slowed to 1.4% in December from 1.7% the previous month.

The acceleration in CMWPI growth was driven by sand and gravel (2.9% from 0.9%), galvanized iron sheets (1.2% from 0.9%), electrical works (1.6% from 1.4%), and PVC pipes (4.8% from 4.4%).

Price growth eased in concrete products and cement (1% from 1.1%) and hardware (2.6% from 3.4%).

Year-on-year declines were observed in plywood (-0.1%), reinforcing and structural steel (-0.8%), plumbing fixtures and accessories/waterworks (-1.4%), and fuel and lubricants (-8.1%).

Wholesale price movements in the following construction materials were unchanged during the month: lumber (3.7%); tileworks (14.4%); glass and glass products (7.1%); doors, jambs, and steel casements (0.2%); painting works (0.7%); asphalt (0%); and machinery and equipment rental (0%).

At the retail level, slower price increases were noted in masonry materials (1% from 1.4% in November), painting materials and related compounds (1.5% from 1.8%), tinsmithry materials (2.8% from 2.9%), and miscellaneous construction materials (1% from 1.6%).

Only plumbing materials saw an acceleration in price growth of 0.7% from 0.6% previously.

Price growth in carpentry and electrical materials was unchanged at 1.4% and 0.8%, respectively.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the acceleration in wholesale prices to the seasonal pickup in business and consumer spending, which caused increased demand.

“However, the softer economic conditions largely due to the COVID-19 (coronavirus disease 2019) pandemic, as well as some slowdown in infrastructure spending as delayed by restrictions on public transportation and in some industries, and may have still led to the deceleration in the retail prices in construction materials,” Mr. Ricafort said in a mobile message.

The economist expects increased government spending for infrastructure to be one of the “offsetting positive factors” that could lead to a pickup in the demand for construction materials, adding that the preparations for next year’s national elections may require “expeditious completion of various government projects.”

“Near-record low interest rates would also help stimulate loan demand for investments, construction activities, and financing to purchase real estate by businesses, individuals, and households,” Mr. Ricafort said. — B.A.D. Añago

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

GAELLE MARCEL-UNSPLASH In November 2022, I had the privilege of being the discussant of a paper by Dr. Helena Agnes Valderrama, professor at the...

Economy

IN THE MIDDLE of winter, on a cold, grey day, it’s easy to find yourself yearning for some summer warmth. It’s also easy to...

Economy

By Michael Taylor IZUDDIN HELMI ADNAN-UNSPLASH KUALA LUMPUR — Malaysian Chuan Zhen Ko’s passion for clean energy and climate change was first ignited by...

Economy

THE PHILIPPINE chess team quietly left the country a week ago with nothing in mind but a miracle in the 1st FIDE Olympiad for...

Economy

IT was another day at the office for World No. 3 pole-vaulter EJ Obiena. The Filipino world championship bronze medalist brought his winning ways...

Economy

KAI Sotto and the Adelaide 36ers crashed out of playoff contention in the 2022-2023 Australia National Basketball League (NBL) with a costly 116-107 defeat...

You May Also Like

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.