The cost of construction materials in Metro Manila rose at a slower pace in March 2024 compared to previous months, according to the Philippine Statistics Authority.
The PSA said the construction materials retail price index (CMRPI) in the National Capital Region increased at a slower rate of 0.6 percent in March, following a 1.1-percent rise in February 2024.
“The primary driver of the slower annual increase of CMRPI in NCR was the slower annual increment in the heavily-weighted tinsmithry materials index at 2.4 percent in March 2024 from 3.1 percent in the previous month,” the PSA said.
It also observed slower annual increments in the indices of electrical materials at 0.9 percent from 1.0 percent, and painting materials and related compounds at 2.0 percent from 2.1 percent in February 2024.
The PSA also noted annual declines in the indices of masonry materials at 0.2 percent from 0.4 percent year-on-year hike, and plumbing materials at 0.2 percent from 0.3 percent annual hike in the previous month.
A faster annual decrease was also observed in the index of miscellaneous construction materials during the month at 1.5 percent from 1.0 percent drop down in the previous month.
Meanwhile, the PSA noted higher annual increase in carpentry materials index at 0.2 percent during the month from 0.1 percent in February 2024.