Wholesale prices of construction materials further increased in August, according to new data from the Philippine Statistics Authority (PSA).
Data from the Construction Materials Wholesale Price Index (CMWPI) showed prices rising 3.6 percent in August from 3.5 percent in July, reversing the 0.1 percent contraction recorded a year earlier.
The latest reading brought the year-to-date average growth in wholesale construction material prices to 2.2 percent.
The faster growth was mainly driven by concrete products, whose index rose 5.4 percent year-on-year in August, up from 5.2 percent in July, the PSA said.
Several other commodity groups also posted faster annual price increases during the month.
These included hardware, which rose 0.5 percent from 0.3 percent; plywood, 0.5 percent from 0.4 percent; lumber, 1.1 percent from 0.9 percent; and G.I. sheets, 1.1 percent from 0.4 percent.
Prices of reinforcing steel also accelerated to 2.4 percent from 2.2 percent, while structural steel increased 3.8 percent from 3.7 percent.
Tileworks posted a 2.2 percent annual increase, up from 2 percent in July, while plumbing fixtures and accessories and waterworks rose 0.8 percent from 0.5 percent.
Fuels and lubricants recorded the sharpest acceleration among the major commodity groups, with annual growth reaching 8.1 percent in August from 5.7 percent in July.
The increases came despite slower price growth in some construction materials.
The annual growth of the sand and gravel index eased to 5 percent from 5.1 percent, while PVC pipes slowed to 0.2 percent from 0.8 percent in July.