NCR construction materials retail price growth slowed in March
2 min read
By Lourdes O. Pilar, Researcher
THE RETAIL price growth of construction materials in Metro Manila slowed to 4.1% year on year in March, the Philippine Statistics Authority (PSA) reported on Friday.
This marks the slowest rate of growth in over a year, according to PSA data.
Based on preliminary PSA data, the rise in March construction materials retail price index (CMRPI) eased from 5.4% in February and 4.8% in March last year.
The 4.1% reading in March was the lowest since February 2022 when retail construction materials prices grew at 3.3%. This was also the seventh consecutive month of slower annual growth rate.
During the first quarter, the CMRPI was up 5% from 3.7% comparable three months last year.
The PSA attributed the continued slowdown of CMRPI to the slowdown of the following commodities: miscellaneous construction materials, where price growth slowed to 6.2% from 9.3% in February; plumbing materials (2.2% from 4%); and tinsmithry materials (4.7% from 5.9%).
Lower annual increases in March were also seen in the indices of the carpentry materials (3.3 % from 3.8%), electrical materials (2.4% from 3.1%), and masonry materials (3.6% from 4%). Growth in the painting materials and related compounds steadied at 5.6%.
“The slowest year-on-year increase in the retail prices of construction materials in Metro Manila, at 4.1%, the slowest in more than a year, was largely brought about by the decline in global commodity prices in recent months,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in an e-mail.
“Furthermore, the stronger peso exchange rate versus the US dollar recently, among the strongest for the peso in more than 8.5 months, also helped ease import prices, thereby leading to some easing in the wholesale prices of construction materials,” added Mr. Ricafort.
Mr. Ricafort added that inflation and interest rates had also dragged investments and overall demand, including construction activities, thereby partly slowing down…
BusinessWorld
2023-04-14 06:21:59
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