January NCR building materials price growth accelerates

PRICE GROWTH of construction materials in Metro Manila quickened at retail and wholesale levels in January, the Philippine Statistics Authority (PSA) reported on Friday.

Based on preliminary data, the PSA showed that year-on-year growth of the construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) rose 0.9% in January, a tad higher from the 0.8% growth in December.

It was also better than the 0.1% gain posted a year ago.

The latest reading was the fastest pace in almost two years or since the 1% growth in February 2024.

Contributing to January’s uptick were slower annual declines in structural steel (1.7% in January from 3% in December), reinforcing steel (0.7% from 1.5%), and metal products (0.6% from 0.7%).

Additionally, reversals were seen in commodities of hardware with 0.1% in January from its 0.1% drop in December, and fuels and lubricants with 0.4% growth from 1.9% decline a month earlier.

Meanwhile, PVC pipes posted faster annual growth to prices with 0.3% from 0.2% in December 2025.

Retail prices also grew
In a separate report by the PSA, the construction materials retail price index (CMRPI) inched up 1.2% in January from 1% in December. A year earlier, it had the same growth rate.

The January CMRPI outcome logged the quickest pace in a year or since the 1.5% in December 2024.

The PSA attributed the faster annual CMRPI growth to prices in tinsmithry materials which quickened by 2% in January from 1.7% in December, plumbing materials with 0.7% from 0.5%, and miscellaneous construction materials with 0.9% from 0.8%.

Meanwhile, carpentry materials posted a slower annual decline of 0.2% in January, compared with the 0.5% drop in December.

“What we’re seeing in January is a post‑holiday price reset combined with real cost pressures —higher import costs for cement and steel, elevated fuel and logistics expenses, and a pickup in construction activity as projects restart,” Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said in a Viber message.

He added that rising wholesale prices are being reflected in retail prices, suggesting that contractors have started transferring these costs down the supply chain.

“For February, prices should stay firm but stable, not spike. Over the rest of the year, expect a gradual upward trend — not a surge — as demand remains strong but supply chains are far more normalized,” he said.

The CMRPI is based on 2012 constant prices, while the CMWPI is based on 2018 constant prices. — Heather Caitlin P. Mañago