Retail price growth of construction materials in Metro Manila was flat at 2.6% in May, the Philippine Statistics Authority (PSA) reported on Thursday.
Citing preliminary data, the PSA’s May construction materials retail price index (CMRPI) was unchanged from 2.6% in April. It was much lower than the year-earlier level of 6.2%.
The May reading remained at the new recent low after the December 2021 indicator rose 2.7%.
The index in the first four months averaged 4%, against the 4.7% average posted a year earlier.
Among the seven commodity groups, three posted declines. Masonry materials price growth slipped to 2.5% in May from 2.0% in April.
Slower price growth was also seen in carpentry materials (2.6% from 2.8%), and electrical materials (2.2% from 2.0%).
Plumbing materials price growth in May remained at 0.7%.
Price growth of painting materials and related compounds accelerated to 4.8% in May from 4.6% in April.
Accelerating price growth was also seen in tinsmithry materials (4.5% from 4.4%) and miscellaneous construction materials (0.3% from 0.2%).
Source: Business World