Monday, August 25, 2008 [ manilatimes.net ]
By Darwin G Amojelar, Reporter
PRICES of construction materials in Metro Manila rose at a faster pace last month owing to soaring fuel prices, according to the National Statistics Office (NSO).
The NSO said the construction materials wholesale price index in the National Capital Region went up to 5.9 percent in July from 4.7 percent the month before.
The agency said higher price movements were noted in cement at 0.7 percent in July from 0.4 percent in June; plywood, 3.9 percent from 1.3 percent; metal pipes, 5.6 percent from 1.1 percent; concrete products, 2.4 percent from 0.5 percent; paints, 0.6 percent from 0.4 percent; reinforcing steel, 19.0 percent from 7.5 percent; and G.I. sheets, 5.6 percent from 0.7 percent.
Likewise, prices of plumbing fixtures and UPVC water pipes correspondingly picked up to 0.1 percent and 1.3 percent from zero growth during the previous month.
Slower monthly price increments however were observed in sand, stone and gravel; wood products; fuels and lubricants; hardware; PVC pipes; and structural steel. Prices for the rest of the commodity groups generally remained stable as they recorded zero growth last month.
Year-on-year, the growth rate of the index accelerated to 21.2 percent in July from 14.6 percent in June as annual gains were higher in the prices of 17 commodity groups.
“The rest of the commodity groups retained their previous month’s annual growth rates while blasting materials and machinery and equipment rental ind[ices] continued to post zero growth during the month,” the NSO said.
The soaring prices of construction materials are hurting property companies as steel and cement are their main requirements for building residential houses and condominiums.
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