RETAIL price growth of construction materials in Metro Manila accelerated to its fastest pace in more than a decade, the Philippine Statistics Authority (PSA) reported on Friday.
Preliminary data from the PSA showed that retail price growth of building materials in the National Capital Region (NCR) rose by 4.8% year on year in March, higher than the 3.3% seen in February and 1.2% in March last year.
This was the quickest pace in more than 10 years, since the 5.4% in January 2012.
This brought the NCR’s construction materials retail price index (CMRPI) average in the first quarter to 3.7%, higher than the 1.2% in January–March last year.
Prices for all commodity groups recorded increases that month, led by tinsmithry materials (7.3% in March from 5.2% in February).
Plumbing materials likewise grew by 6.9% year on year in March from 4.5% in February; miscellaneous construction materials (6.7% from 3.4%); electrical materials (3.6% from 2.8%); painting materials and related compounds (2.5% from 2.3%); masonry materials (2.1% from 1.9%); and carpentry materials (1.3% from 1.1%).
The retail construction prices reflect demand from small-scale building projects, such as small contractors. — Abigail Marie P. Yraola