The nation’s construction material prices rose 1.3 percent in February-marking the sharpest increase in 22 months, according to the March 14 Producer Price Index (PPI) report by the U.S. Department of Labor. Overall, construction materials prices remain 2 percent higher than one year ago. Nonresidential construction materials prices rose 1.4 percent last month, and are up 1 percent on a year-over-year basis.
In contrast, a number of materials prices recorded declines. Fabricated structural metal fell by 0.1 percent on a monthly basis and is flat relative to a year ago. Non-ferrous wire and cable product prices declined 1 percent for the month and are down 3.7 percent from February 2012. Steel mill prices dropped 0.9 percent last month and have declined 9.7 percent on a year-over-year basis. Prices of iron and steel products fell 1.8 percent on a monthly basis and are down 10.8 percent compared to one year ago.