The cost of construction materials in Metro Manila increased at a slower pace in May, the Philippine Statistics Authority (PSA) reported.
The annual growth rate of the construction materials retail price index (CMRPI) dropped to 1.0 percent in May 2024 from 1.2 percent in April and 2.6 percent in the same month last year.
The primary factor contributing to this downward trend was the slower increase registered in tinsmithry materials, which posted a 2.2 percent growth rate in May 2024 compared to 2.6 percent in April.
Painting materials and related compounds also registered a slower yearly increment of 1.6 percent in May from 2.2 percent in the previous month.
On the other hand, carpentry materials showed a slight increase with a 0.4 percent growth rate in May, compared to 0.3 percent in April.
Electrical materials, plumbing materials, and miscellaneous construction materials maintained their previous month's annual rates at 0.9 percent, 0.3 percent, and 0.8 percent, respectively.
Meanwhile, masonry materials continued to decline, with a 0.3 percent drop in the annual rate, consistent with the previous month.