Business

Retail prices of building materials continue to rise

Retail prices of building materials continue to rise

MANILA, Philippines — Retail prices of construction materials in the National Capital Region (NCR) rose for the fourth straight month in November, indicating increased demand, the Philippine Statistics Authority (PSA) said.

The Construction Materials Retail Price Index (CMRPI) in the NCR rose at a faster clip of 1.7 percent in November from its annual rate of 1.4 percent in October, bringing the year-to-date average to 1.2 percent.

Faster growth was seen in the indexes of carpentry materials, tinsmithry materials, and miscellaneous construction materials.

The rest of the commodity groups retained their previous month’s annual growth rates.

The CMRPI is a variant of the General Retail Price Index (GRPI) that measures the changes in the average retail prices of construction materials. It uses 2012 as the base year.

It covers 102 building materials classified into seven commodity groups: carpentry materials, electrical materials, masonry materials, painting materials and related compounds, plumbing materials, tinsmithry materials, and miscellaneous construction materials.

Prices for the CMRPI are collected through personal interviews or actual price quotations from selected sample outlets in NCR.

Collection of prices is done during the first to third week of the reference month.