Building materials retail price growth in Metro Manila steady in Feb.

THE RETAIL price growth of construction materials in the National Capital Region was steady in February with an acceleration in electrical materials prices offset by a slowdown in painting materials and related compounds, the Philippine Statistics Authority (PSA) reported on Tuesday.

Citing preliminary data, it said year-on-year growth in the construction materials retail price index (CMRPI) for Metro Manila remained at 1.2% in February, in line with the average in the year to date.

The February reading exceeded the 1.1% year-earlier level.

Compared to January readings, growth accelerated in the subindices of electrical materials (2.1% in February from 1.9% a month earlier), masonry materials (1.1% from 1%), plumbing materials (0.8% from 0.7%), and miscellaneous construction materials (1.1% from 0.9%).

Meanwhile, the PSA said slower price growth compared to a year earlier was noted in the indices for painting materials and related compounds (1.8% from 2.1%) and tinsmithry materials (1.9% from 2%).

The CMRPI is based on 2012 constant prices. — Matthew Miguel L. Castillo