Construction materials costs rise at slower pace

Retail prices of construction materials in Metro Manila rose at a slower pace in February 2024 compared to January, according to the Philippine Statistics Authority (PSA).

The PSA reported the annual rate of the construction materials retail price index (CMRPI) in the National Capital Region eased to 1.1% in February 2024, down from 1.4% in January. In February 2023, the CMRPI saw a yearly increase of 5.4%.

The PSA observed slower annual price increases for several materials, including carpentry (0.1% from 0.4%), masonry (0.4% from 0.9%), painting materials and related compounds (2.1% from 2.9%), and plumbing materials (0.3% from 0.5%).

Electrical materials, however, showed a slightly higher annual increase at 1.0% in February 2024 compared to 0.9% the previous month. The index for tinsmithry materials remained unchanged from January at 3.1%.

Meanwhile, the PSA said the wholesale price index in NCR held steady at an annual growth rate of 2.0% in February 2024. This is significantly lower than the 9.1% recorded in February 2023.