Wholesale price growth of construction materials in Metro Manila accelerated in January to its highest level in two months, according to preliminary data from the Philippine Statistics Authority (PSA) released Monday. READ:
The construction materials wholesale price index in the National Capital Region rose 5.3% year on year, against the 5.2% logged in December and the 1.2% posted a year earlier.Economists said the pickup seen in January was due to construction activity resulting from the relaxation of movement restrictions in Metro Manila and surrounding areas to Alert Level 2 in November and December.
Asian Institute of Management economist John Paolo R. Rivera attributed the price increases to increased construction activity by both the private and public sectors. According to the PSA, commodity groups that saw a pickup in wholesale price growth were GI sheets at 13%, up from December’s 11.3%; electrical works ; plumbing fixtures and accessories/waterworks ; painting works ; and PVC pipes .
Tileworks prices retreated by 0.7%, after a 1.8% drop in December. Price growth in the remaining commodity groups was steady.