The country’s retail construction material prices averaged 2.1 percent in the first quarter of the year, according to Philippine Statistics Authority (PSA).
Data showed that in March, the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) posted a growth of 2.3 percent.
This is the highest since October 2016, when the index also posted a year-on-year growth of 2.3 percent. The highest growth in the series was 4.6 percent, recorded in June 2008.
“Its [CMRPI] annual rate in the previous month was pegged at 2.1 percent, while in March 2017, it was recorded at 1.7 percent,” the PSA added.
The increase in March 2018 was largely due to more expensive carpentry materials, which increased to 2.8 percent, from 0.8 percent in 2017, and masonry materials, which grew to 2.8 percent, from 2.2 percent in 2017.
There were also slower increases in electrical materials, and plumbing materials, which grew 1.1 percent, and 1 percent. These rates, however, are slower than the 1.6 percent recorded for electrical materials and 2.5 percent for plumbing materials in 2017.
“The index of miscellaneous construction materials posted a slower annual rate of 8.7 percent. Annual movements in the indices of painting materials and related compounds remained at 1.8 percent and tinsmithry materials, 1.4 percent,” the PSA said.
Measured from a month ago level, the CMRPI in NCR went up by 0.4 percent in March 2018. In the previous month, its rate was registered at 0.1 percent. The indices of electrical materials rose by 0.2 percent and plumbing materials, 0.6 percent after they recorded negative rates in the previous month.
“Upward adjustments were posted in the prices of lumber, plywood, lawanit, common wire nails, electrical switch, PVC [polymerizing vinyl chloride] pipe, cement, hollow blocks, GI [galvanized iron] pipes, corrugated GI sheets and plain round steel bars. Lower prices were, however, noted in hinges and lockset during the month,” the PSA said.
Higher increments were also observed in the indices of carpentry materials at 1.1 percent; painting materials and related compounds, 0.4 percent; masonry materials and miscellaneous construction materials both at 0.3 percent. On the other hand, the increase in tinsmithry materials index slowed down to 0.1 percent.