The wholesale price growth of construction materials in Metro Manila slowed down in March compared to last year's rate due to the lower annual increase in electrical works, according to the Philippine Statistics Authority (PSA).
Data from the government showed that the average growth of construction materials wholesale price index (CMWPI) in the National Capital Region slowed to 0.8 percent last month from 7.5 percent in March 2023.
On a monthly basis, it was also slower from February's 1.0-percent growth rate.
"The deceleration in the annual growth rate of CMWPI was mainly caused by the lower annual increase of electrical works at 1.8 percent in March 2024 from 2.7 percent in February 2024," the PSA said in its latest report.
Structural steel also posted a 1.6 percent year-on-year growth during the month, slower from 2.5 percent in the previous month.
In addition, five commodity groups registered slower annual increases in March compared to the previous month.
Hardware posted a 3.4-percent growth in March from 4.8 percent in February; plywood with a 1.3-percent growth from 2.3 percent in the previous month; GI (galvanized iron) sheets registered a 3.2-percent growth rate from 3.6 percent; metal products, 0.8 percent from 1.1 percent; and painting works which posted a 2.3-percent growth from 4.1 percent.
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Annual decreases, meanwhile, were recorded in the indices of cement at 1.7 percent in March 2024 from a 1.3 percent annual decline in February 2024, and reinforced steel, which recorded a 1.1 percent drop from a 0.9 percent decline a month earlier.
On the other hand, commodities such as sand and gravel posted higher annual growth rates at 1.3 percent in March from 1.2 percent in February 2024; PVC pipes at 0.8 percent from 0.4 percent; and fuels and lubricants at 8.7 percent from 8.0 percent.
Increase was also noted in the wholesale price of tileworks at 0.1 percent in March 2024 from an annual decline of 2.7 percent in the previous month.
"The indices of the rest of the commodity groups either retained their respective February 2024 annual rates or had zero percent annual rate during the month," said the PSA.
Source: Manila Times