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Wholesale prices of building materials in Metro Manila further escalated in April as the capital remains under the most lenient alert level classification, the Philippine Statistics Authority (PSA) said in a report by Philippine Star.
The latest Construction Materials Wholesale Price Index (CMWPI), which is used as a reference in the costing of government projects, accelerated to 6.9 percent in April from 6.6 percent in March.
The faster increase of the index was due to returning demand in construction activities, especially as Metro Manila was under Alert Level 1 for more than three months.
Demand is expected to continue picking up as the economy reopens with COVID cases on a downtrend for months now.
Fuels and lubricants registered the highest increase at 41.7 percent. The index has been on a double-digit hike for 14 straight months.
Faster increments were also seen in the indexes of the following commodity groups: reinforcing and structural steel, sand and gravel, plumbing fixtures and accessories, hardware, lumber, doors, jambs, and steel casements, and painting works.
Declines, on the other hand, were recorded in plywood, electrical works, PVC pipes, and tile works.
Commodity groups with stable growth include concrete products and cement, galvanized iron sheet, glass products, asphalt and equipment rentals.
The 2012-based CMWPI covers 101 items. The market basket includes selected construction materials identified from the bills of materials provided by the Department of Public Works and Highways, National Housing Authority, and Subdivision and Housing Developers Association.