Construction material price rise slows in Feb

THE retail price growth of construction materials in the National Capital Region (NCR) slowed down in February compared to last year’s rate, as the majority of the commodity groups posted slower increases, according to the Philippine Statistics Authority (PSA).

PSA data showed that the average growth of the construction materials retail price index (CMRPI) in the NCR slowed down to 1.1 percent last month from 5.4 percent in February 2023.

On a monthly basis, it was slower from January’s 1.4-percent growth rate.

“The deceleration in the annual growth rate of CMRPI in NCR during the month was primarily caused by the faster annual decline in the miscellaneous construction materials index at 1.0 percent from an annual drop of 0.3 percent in January 2024,” the PSA said in a report on Tuesday.

In addition, five commodity groups registered slower annual increases in February as compared with the previous month.

Carpentry materials posted 0.1-percent growth in February from 0.4 percent in January; masonry materials posted a 0.4-percent growth from 0.9 percent in the previous month; painting materials and related compounds registered a 2.1-percent growth rate from 2.9 percent; and plumbing materials with 0.3 percent from the previous month’s 0.5 percent.

Only the index of electrical materials managed to record a higher annual increase at 1.0 percent in February from 0.9 percent in the previous month.

Meanwhile, PSA said that the index of tinsmithry materials retained its previous month’s annual growth rate of 3.1 percent.

In terms of the wholesale price index, the NCR retained its January 2024 annual growth rate of 2.0 percent. However, this was slower from February 2023’s annual rate registered at 9.1 percent.

During the month, increases in annual growth rates compared to January 2024 were posted in some commodities. GI sheet rising from 4.5 percent to 5.0 percent; reinforcing and structural steel from 1.0 percent to 1.5 percent; and fuels and lubricants from 0.3 percent to 1.5 percent.

“Moreover, higher annual increment was recorded in the index of tileworks at 0.6 percent in February 2024 from 0.3 percent annual decline in January 2024,” said the PSA.

Slower annual increases, meanwhile, were observed in the indices of sand and gravel to 1.3 percent in February from 1.5 percent the previous month; concrete products and cement at 1.1 percent from 1.8 percent; hardware at 5.3 percent from 5.6 percent; plywood at 3.1 percent from 3.8 percent; lumber at 2.2 percent from 2.3 percent; and electrical works, 3.8 percent from 4.5 percent.

Other commodity groups that registered a slower growth rate included plumbing fixtures and accessories/waterworks, 1.7 percent from 4.1 percent; painting works, 4.9 percent from 5.0 percent; and PVC pipes with 0.3 percent from 1.0 percent in the previous month.