RETAIL price growth of construction materials in the National Capital Region (NCR) rose to a three-month high in March, the Philippine Statistics Authority (PSA) reported on Monday.
Citing preliminary data, the PSA said the March construction materials retail price index (CMRPI) rose 1.2%, against 1.1% in February and 0.6% a year earlier.
The March reading was the highest since the 1.5% in December. It matched the pace recorded in January.
In the first quarter, the CMRPI averaged 1.1%, level with the year-earlier pace.
John Paolo R. Rivera, a senior research fellow at the òòò½´«Ã½, said growth was still much slower than in previous years.
“The continued easing of CMRPI reflects softer input costs, which is a welcome development for both consumers and the construction industry. Slower price growth may help support ongoing infrastructure projects and private sector housing demand,” he said in an e-mail.
“However, it also suggests that overall construction activity may still be subdued, especially if demand for materials is lagging.”
The PSA said plumbing materials price growth in March was 0.7% year on year, against 0.4% in February.
Plumbing materials are the second most heavily weighted commodity in the index, accounting for 17.3% of the CMRPI.
Three other commodity groups returned stronger price growth in March, led by electrical materials (1.9% from 1.7% in February), masonry materials (0.4% vs. 0.2%), and tinsmithry materials (1.6% vs. 1.5%).
Three commodity groups reported slower price growths in March: carpentry materials (0.7% from 0.9%), painting materials and related compounds (2.4% from 2.7%) and miscellaneous construction materials (0.3% from 0.4%).
