Construction material prices contract

PRICES of construction materials in Metro Manila contracted for a second month in June, the National Statistics Office (NSO) said.

The agency said the retail price index (RPI) of selected construction materials in the National Capital Region decelerated further to a negative 8.9 percent last month from the negative 2.5 percent in May.

The June RPI, however, was a reversal of the 17.8-percent increase in the same period last year.

“Lower annual price gains were registered in all the commodity groups with the miscellaneous construction materials group still posting a negative rate,” the NSO said.

Price increases of carpentry materials averaged at a lower 3.4 percent in June from 4.5 percent the month before, while electricity materials inflation dropped to 3.4 percent from 9.5 percent.

Price increments for masonry materials eased to 2.2 percent; painting, 5.1 percent; plumbing, 3.8 percent; and tinsmithry materials, 0.9 percent.

On a monthly basis, the prices of construction materials went up 0.2 percent in June from the 0.7-percent contraction in May.

The NSO said a higher price increase was noted in carpentry materials at 0.8 percent in June from -1.0 percent in May, as well as in masonry materials at 0.2 percent from 0.1 percent.

Price increments in electrical materials and plumbing materials remained stable as their index posted zero growth rates while the rest of the commodity groups recorded contractions.

“Upward adjustments were observed in the prices of selected lumber [apitong and tanguile], cement, gravel, sand and hollow blocks. On the other hand, price reductions were seen in paints, corrugated GI sheets and steel bars,” the NSO said. –Darwin G. Amojelar, Senior Reporter, Manila Times