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Building material price index increases by 0.7 per cent

Filipe Naigulevu
Wednesday, February 07, 2018

FIJI'S annual building material price index (BMPI) for 2017 stood at 108.0, registering an increase of 0.7 per cent over 2016.

The index released by the Fiji Bureau of Statistics noted that increases were recorded in the price indices of wood and related materials (1.9 per cent), cement and related materials (1.8 per cent), door window frames (0.8 per cent) and electrical products (0.9 per cent) in 2017.

Looking at the all items BMPI for the December quarter of last year, it registered an increase of 0.1 per cent over the September quarter of 2017.

This is after it stood at 107.8 during the December quarter of 2017.

Lower prices were recorded for wood and related materials, iron and steel, paint and glass, while higher prices were noted for electrical products, plumbing ware and cement and related materials.

The BMPI is a base — weighted index aimed at measuring price changes over time for a selection of principal commodities used in the building construction industry. The index is compared with those of earlier periods to gauge the price movements of a representative list of building materials.

It used to for monitoring building material prices for a period of time and an important instrument for economic analysis because it provides a concise summary of past developments and aids in forecasting future trends, both of which are critical for making economic policy decisions.

The index is also used as deflators in the compilation of the gross domestic product (GDP).








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