RETAIL price growth of construction materials in the National Capital Region (NCR) slowed in March compared to last year's rate, as the majority of the commodity groups posted slower increases, the Philippine Statistics Authority (PSA) said.

In a report on Monday, the PSA said that the average growth of the construction materials retail price index (CMRPI) in the NCR slowed to 0.6 percent last month from 4.1 percent a year earlier.

On a monthly basis, it was slower than February's 1.1-percent growth.

"The primary driver of the slower annual increase of CMRPI in NCR was the slower annual increment in the heavily-weighted tinsmithry materials index at 2.4 percent in March 2024 from 3.1 percent in the previous month," the PSA said.

In addition, two commodity groups registered slower annual increases in March as compared with the previous month.

Electrical materials posted 0.9-percent growth in March from 1.0 percent February and painting materials and related compounds with 2.0 percent from 2.1 percent a month earlier.

Only the index of carpentry materials managed to record a higher annual increase at 0.2 percent in March from 0.1 percent in the previous month.

A faster annual decrease, meanwhile, was observed in the index of miscellaneous construction materials during the month at 1.5 percent from the 1-percent drop in the previous month.

Furthermore, annual declines during the month were noted in the indices of masonry materials at 0.2 percent from 0.4 percent year-on-year hike, and plumbing materials at 0.2 percent from the 0.3-percent annual hike in the previous month.

Miscellaneous construction materials posted a faster annual decrease at 1.5 percent from the previous month's 1.0 percent.

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