NCR building materials retail price growth cools further in February

Price growth of retail construction materials in the National Capital Region (NCR) eased to eight-month low in February, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data from the PSA showed February construction materials retail price index (CMRPI) slowed to 1.1% in February, from 1.2% recorded in January. The index maintained its rate from February last year.

This was the weakest reading in eight months or since the 1% growth recorded in June 2024.

Year to date, the CMRPI averaged 1.1%, a bit slower than the 1.2% average in January-February 2023.

The PSA said that six out of seven commodity groups showed slower annual increases in February, with plumbing materials leading the downward trend as the index eased to 0.4% from 0.8% in January.

Plumbing materials was the second most heavily weighted commodity in the index, accounting for 17.3% of the CMRPI.

Other commodity groups also reported slower price growths, such as miscellaneous construction materials (0.4% in February from 0.6% in January), tinsmithry materials (1.5% from 1.6%), carpentry materials (0.9% from 1.0%), electrical materials (1.7% from 1.8%), and masonry materials (0.2% from 0.3%).

Only the index for painting materials and related compounds saw an increase to 2.7% from 2.2%. — P.O.A. Montalvo