RETAIL prices of construction materials in Metro Manila grew by 1.5 percent in October, slightly higher than the 1.1 percent last year, according to data from the Philippine Statistics Authority (PSA).

On a monthly basis, the construction materials retail price index (CMRPI) was also higher than the 1.2 percent in September.The PSA cited the increase to the higher annual spike in the heavily weighted tinsmith materials index at 2.3 percent from 1.5 percent in the previous month.Likewise, three commodity groups posted annual increases in prices in October: carpentry materials at 0.9 percent from 0.7 percent in September; painting materials and related compounds at 2.5 percent from 2.1 percent; and plumbing materials at 1.0 percent from 0.8 percent.An annual increase was also recorded in the price index of masonry materials at 0.1 percent last month from a 0.1 percent annual decline in September.

On the other hand, a slower annual increase was observed in the index of miscellaneous construction materials at 1.1 percent from 1.5 percent in the previous month.

The index of electrical materials, meanwhile, retained its previous September annual rate of 1.7 percent.In an earlier report, the PSA said the wholesale price growth of construction materials in NCR slowed down in the same month compared to 2023. The construction materials wholesale price index's (CMWPI) 0.3 percent growth was slower than the 1.4 percent in October 2023.

A primary contributor to the CMWPI uptrend was the faster annual increase in the index of hardware at 0.7 percent in October from 0.5 percent.

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