Metro Manila building materials price growth decelerates in May

GROWTH in the retail prices of construction materials in the National Capital Region (NCR) eased in May, the Philippine Statistics Authority (PSA) reported.

Citing preliminary data, the PSA said the May construction materials retail price index (CMRPI) rose 1%, easing from 1.2% in April and 2.6% in May 2023.

In the first five months, growth in the NCR CMRPI averaged 1%.

The PSA attributed the easing in CMRPI growth to the slowdown in price growth of tinsmithry materials, whose sub-index rose 2.2% in May from 2.6% in April. Tinsmithry materials account for 17.22% of the CMRPI.

Prices of painting materials and related compounds rose 1.6%, easing from 2.2% in April.

Of the seven commodity groups, only the index of carpentry materials posted stronger growth of 0.4% in May, compared with 0.3% in April.

Prices growth of all other categories were steady in May, including electrical materials (0.9%), miscellaneous construction materials (0.8%); plumbing materials (0.3%); and masonry materials (-3%). — Andrea C. Abestano