Wholesale prices of building materials in Metro Manila fell 3.5 per cent year-on-year in September due to the contraction in the prices of steel and continuing decline of plywood, asphalt and fuel rates.
Data from the National Statistics Office also show that the increase in the construction materials wholesale price index (CMWPI) for the National Capital Region has been sliding for the third month in a row.
The CMWPI covers 25 commodity groups including sand, stone and gravel; cement; lumber; plywood; wood products; fuels and lubricants; asphalt; glass and glass products; hardware; metal pipes; and polyvinyl chloride pipes.
Government economists cited the construction sector as a major driver of growth for the domestic economy in the first half of the year.
A higher price movement was observed in structural steel at 0.7 percent from zero growth.
A slower price increment was noted in fuels and lubricants at 0.8 percent from 5.5 percent. Price reductions were seen in plywood and hardware at 0.1 percent and 0.8 percent from 1.2 percent and 0.3 percent, respectively.
Prices for the rest of the commodity groups generally remained stable as they registered zero growth during the month.