The wholesale price growth of construction materials in Metro Manila slowed down in May compared to last year's rate due to lower annual increase of electrical works, the Philippine Statistics Authority (PSA) said.
Latest data showed that the average growth of the construction materials wholesale price index (CMWPI) in the National Capital Region slowed to 0.6 percent last month from 6.6 percent in May 2023.
On a monthly basis, it was also slower compared to April's 0.7-percent growth rate.
"The deceleration in the annual growth rate of CMWPI was mainly caused by the slower annual increase of electrical works at 1.7 percent in May 2024 from 2.6 percent annual increment in April 2024," the PSA said.
Hardware also posted a 2.7-percent year-on-year growth in May, slower from the 3.0 percent in the previous month.
Seven other commodity groups registered slower annual increases during the month as compared with April.
Plywood posted 1.4-percent growth in May from 1.5 percent a month earlier; lumber with a 0.4-percent growth from 0.5 percent in the previous month; GI sheets registered a 3.1-percent growth rate from 3.2 percent; and structural steel with 1.1 percent from 1.6 percent.
In addition, doors, jambs and steel casement posted a 0.9-percent growth rate during the month from 1.0 percent; painting works with 1.6 percent from 1.9 percent; and PVC pipes with 0.7-percent growth rate from the previous month's 0.9 percent.
Annual decreases, meanwhile, were recorded in the price index of sand and gravel at 0.6 percent in May from 1.2-percent annual increase in April. Further annual drop was seen in prices of tileworks, which recorded a 1.0-percent drop from 0.2 percent a month earlier.
On the other hand, metal products posted higher annual growth rates at 1.0 percent in March from 0.7 percent of the comparable period, and fuels and lubricants at 15.3 percent from 10.9 percent.
An annual increase was also seen in the index of plumbing fixtures and accessories at 0.5 percent in May 2024 from a 0.2-percent annual decrease a month earlier.
Slower annual decreases, meanwhile, were recorded in the indices of cement at 2.1 percent from 2.5-percent annual drop in the previous month and reinforced steel at 1.0 percent from 1.1-percent annual decline.
Source: Philippine Statistics Authority
Comments