MANILA, Philippines—The increase in the retail prices of construction supplies in Metro Manila jumped to a two-year high of 4.9 percent year on year in March, the National Statistics Office records showed.
NSO data showed that the retail price index of selected construction materials in the National Capital Region – covering seven subgroups of products – has been increasing since November 2009.
The latest rate of increase goes back to the level observed in March 2009.
Ealier, Socioeconomic Planning Secretary Cayetano W. Paderanga Jr. said the construction industry had been one of the strongest drivers of growth in the gross domestic product in 2010, which was pegged at 7.3 percent.
The increase last March was largely due to faster price hikes in carpentry materials, which jumped by 1.9 percentage points to 7.2 percent from 5.3 percent in February.
Price hikes for painting materials and related compounds also quickened to 3.3 percent from 2.8 percent and those of masonry materials revved up to 1.1 percent from one percent.
On the other hand, the rise in prices of plumbing materials eased to 3.8 percent from 4.4 percent while that for tinsmithry materials decreased to 2.5 percent from 2.7 percent.
Also, price increases for electrical materials went down to 5.6 percent from 5.7 percent while those for miscellaneous construction materials slid to 5.1 percent from 5.2 percent.
On a monthly basis, the growth in the retail price index for construction supply slowed to 0.4 percent from 1.1 percent in February.
Price cuts were seen in plumbing materials (-0.6 percent from 0.4-percent growth in February) as well as in electrical materials (-0.2 percent from 1.4 percent) and tinsmithry materials (-0.2 percent from 0.7 percent).
Slower price hikes were seen in painting materials (0.7 percent from 0.8 percent) and miscellaneous materials (0.7 percent from 0.8 percent).
On the other hand, the change in the prices of masonry materials settled at zero from a price cut of -0.1 percent.
Price hikes for carpentry materials remained at 1.7 percent, the same level observed in February.