CONSTRUCTION material prices in the National Capital Region (NCR) slowed to 5.4 percent in February 2023, according to the latest data from the Philippine Statistics Authority (PSA).
The PSA data showed this is the slowest growth of the Construction Materials Retail Price Index in Metro Manila in 11 months. In March 2022, the index posted a 4.8-percent growth.
The growth of the CMRPI, however, has started to slow after it peaked at 7 percent in July 2022. The PSA data showed that the CMRPI grew 3.3 percent in February 2022 and was at 5.5 percent in January 2023.
“The continued downtrend of CMRPI for this month was primarily brought about by the heavily-weighted tinsmithry materials index, which recorded a lower annual growth rate of 5.9 percent in February 2023 from 7.1 percent in January 2023,” PSA said.
The growth of the tinsmithry index was the slowest since the 5.2 percent posted a year ago or in February 2022. The year to date growth of tinsmithry materials is pegged at 6.5 percent in 2023.
The slower annual growth of CMRPI is the plumbing materials index with an annual growth rate of 4 percent in February 2023 from 4.4 percent in the previous month.
The tinsmithry index carried a weight of 21.76 percent in the CMRPI followed by plumbing materials at 17.3 percent and carpentry materials at 17.22 percent.
Meanwhile, PSA said the increases in the index of some construction materials were higher in February 2023.
These included carpentry materials which grew 3.8 percent from 3.5 percent in January; masonry materials, 4 percent from 4.4 percent; painting materials and related compounds, 5.6 percent from 5.2 percent; and miscellaneous construction materials, 9.3 percent from 8.5 percent.
Meanwhile, the PSA noted that the electrical materials index remained at its previous month’s annual increment of 3.1 percent.
Image credits: Nonoy Lacza