Retail price growth of construction materials in Metro Manila accelerated to its highest level in nearly two years in October, according to the Philippine Statistics Authority (PSA).
The retail-level index, known as the construction materials retail price index, in the National Capital Region was 1.4% in October, the highest growth rate since February 2019’s 1.6%.
The October result compares with 1.3% in September and 0.7% a year earlier.
The index has been in positive territory for the 11th consecutive month.
The latest result was driven by higher growth in tinsmithry materials (2.2% from 1.7% in September); masonry materials (1.4% from 1.1); and painting materials and related compounds (1.8% from 1.7%).
The index for electrical materials sustained the 0.8% growth posted in September.
Price growth the following commodity groups slowed from the previous month: carpentry materials (1.2% from 1.3%); plumbing materials (0.6% from 0.9%); and miscellaneous construction materials (1.2% from 1.5%).
The retail price reflects construction activity on the level of small contractors or DIY home repair, and prices here are typically higher than those obtained by large contractors because of their ability to buy in bulk.
source: Businessworld and PSA