NCR construction materials price growth eases in 2023

MANILA, Philippines — Retail price growth of construction materials in Metro Manila eased in 2023 from the previous year as all commodity groups posted slower increases, according to the Philippine Statistics Authority (PSA).

Data from the PSA yesterday showed the average growth of the Construction Materials Retail Price Index (CMRPI) in the National Capital Region (NCR) slowed down to 2.5 percent last year from 5.8 percent in 2022.

“In 2023, all commodity groups exhibited slower annual average increases relative to their annual average increments in 2022,” the PSA said.

For the month of December alone, the CMRPI in NCR posted a higher growth rate of 1.4 percent from 1.1 percent in November.

The December CMRPI growth in NCR, however, was lower than the 5.6 percent uptick in the same month of 2022.

“The primary contributor to the uptrend of CMRPI in NCR was the slower annual decline in the index of miscellaneous construction materials at 0.3 percent in December last year from 1.2 percent in the previous month,” the PSA said.

In addition, four commodity groups registered higher increases in December compared with the previous month.

Carpentry materials posted 0.7 percent growth in December from 0.6 percent in November.

Electrical materials reported a 0.8 percent uptick in December from 0.7 percent in the previous month.

Painting materials and related compounds registered a growth rate of 2.6 percent from 2.4 percent.

Plumbing materials had a higher increase of 0.7 percent compared to the previous month’s 0.3 percent.

Meanwhile, commodity groups with slower increases were masonry materials at 0.7 percent in December from 0.9 percent in November.