THE price increase in retail construction materials in Metro Manila slowed to a 17-month low in April, according to latest data from the Philippine Statistics Authority (PSA).
The Construction Materials Retail Price Index in the National Capital Region (NCR) slowed to 2.6 percent in April, the lowest since the 2.3 percent growth posted in November 2021.
“The April 2023 annual growth of CMRPI marked its ninth consecutive month of deceleration. In April 2022, its annual increment was recorded at 6.1 percent,” PSA added.
Compared with the March 2023 annual growth rates, all commodity groups posted slower annual growths during the month.
Among the commodity groups, miscellaneous construction materials primarily influenced the lower annual growth rate of CMRPI during the month, growing a mere 0.2 percent in April 2023 from 6.2 percent in March 2023.
Also a factor in the downtrend was the slowdown in plumbing materials, which grew by 0.7 percent in April 2023 from 2.2 percent in the previous month.
The PSA said commodity groups recorded lower annual growth rates during the month. Carpentry materials grew 2.8 percent, slower than the 3.3 percent recorded in March 2023; while electrical material prices grew 2.2 percent but were also slower than the 2.4 percent posted in March 2023.
Masonry material prices grew 2.5 percent from 3.6 percent in March 2023; painting materials and related compounds, 4.6 percent from 5.6 percent in March 2023; and tinsmithry materials, 4.4 percent from 4.7 percent in March 2023.
Meanwhile, in terms of wholesale construction material prices, PSA said the increase in prices of these materials slowed to 7.4 percent, an eight-month low.
Data showed this was the slowest since August 2022 when wholesale construction material prices grew by 7 percent.
PSA added that a higher annual growth rate was posted in March 2023 at 7.7 percent, while its annual growth rate in April 2022 was recorded at 6.9 percent.
“The main contributor to the lower annual growth rate of CMWPI was the reinforcing and structural steel, which recorded a lower annual growth rate of 6.5 percent in April 2023 from 7.1 percent in March 2023. Moreover, the annual growth rates in the indices of (other) commodity groups exhibited downward trend during the month,” the PSA said.
The data showed wholesale prices of sand and gravel slowed to 4.7 percent from 4.8 percent in March 2023; concrete products and cement, 9 percent from 9.3 percent in March 2023; hardware, 6.8 percent from 7.7 percent in March 2023; and plywood, 4.8 percent from 5 percent in March 2023.
PSA also said wholesale prices of doors, jambs, and steel casement slowed to 5.4 percent from 6.1 percent in March 2023; electrical works, 6.2 percent from 6.6 percent in March 2023; plumbing fixtures and accessories/waterworks, 3.9 percent from 4.1 percent in March 2023; and PVC pipes, 1.3 percent from 1.8 percent in March 2023.
“In addition, the fuels and lubricants index (contracted) 11.9 percent during the month from an annual decline of 8 percent in March 2023,” PSA said.
Meanwhile, higher annual growth rates were reported in the indices of lumber at 7 percent from 6.8 percent in March 2023; tileworks, 1.3 percent from 1 percent in March 2023; and painting works, 13.1 percent from 12.9 percent in March 2023.
The indices of the rest of the commodity groups either retained their respective March 2023 annual growth rate or had zero percent annual rates during the month.
PSA said prices of selected construction materials are monitored on a monthly basis, that is, from the first week to third week of the reference month.
Image credits: Nonoy Lacza