Retail prices of various construction materials posted a 1.5-percent growth in February 2015, according to the Philippine Statistics Authority (PSA).
Based on the latest Construction Materials Retail Price Index (CMRPI) data, the year-on-year increase in retail construction material prices in February was slower than the 1.9 percent posted in January but higher than the 0.5 percent posted in February 2014.
Higher year-on-year growth rates were seen in plumbing materials at 1.1 percent and tinsmithry materials at 2.5 percent.
There were, however, slower increases in carpentry materials, 2.6 percent; masonry materials, 6.2 percent; and painting materials and related compounds, 2.4 percent.
The PSA also said there were declines in the retail prices of electrical and miscellaneous construction materials indices at -0.8 percent and -1 percent.
On a monthly basis, the CMRPI in the National Capital Region dropped by 0.5 percent in February 2015. Last month it’s growth was posted at 0.1 percent.
“Prices of selected wiring devices, cement, gravel, sand and steel bars were generally quoted lower during the month. On the contrary, sanitary fixtures and metal products used in plumbing were priced higher during the period,” the PSA said.
Data showed that monthly decreases were seen in electrical materials at -1.1 percent; masonry materials, -1.6 percent; and miscellaneous construction materials, -0.8 percent.
The PSA also said there was a slower monthly growth of 0.2 percent in the retail prices of tinsmithry materials.
Painting materials and related compounds as well as plumbing materials, however, moved faster posting a growth of 0.1 percent and 0.4 percent, respectively.
“No movement was noticed in the index of carpentry materials as it recorded a zero growth during the month,” the PSA said.
The CMRPI is a variant of the General Retail Price Index. The CMRPI measures the changes in the average retail prices of construction materials in Metro Manila.
The market basket of the CMRPI is composed of 102 commodities and classified into seven major groups: carpentry, electrical, masonry, painting materials and related compounds; plumbing, tinsmithry and miscellaneous construction materials.