Increase in construction material prices eased in Oct.

The rate of increase in the prices of selected construction materials in the National Capital Region (NCR) slowed in October, according to the National Statistics Office (NSO).

The monthly change in the retail price index of selected construction materials in NCR went up at a slower rate of 0.1 percent in October from 0.7 percent in September, NSO said.

Prices of various galvanized iron (GI) products declined month on month while selected lumber, cement, and steel bar products enjoyed price hikes.

The index of tinsmithry materials declined by 0.3 percent in October from 1.6 percent in September.

Increases in masonry materials and miscellaneous construction materials indexes correspondingly eased to 0.1 percent and 1 percent from their respective last month’s rates of 2.1 percent and 3.4 percent.

Meanwhile, the year-on-year growth in the prices of selected construction materials slowed down to 3.8 percent in October from 4.6 percent in September, NSO said.

NSO said the annual increment in carpentry materials index decelerated to 5.9 percent in October from 6.4 percent in September; electrical materials, 2.8 percent from 4.4 percent; painting materials and related compounds, 5.3 percent from 5.8 percent; plumbing materials, 2.6 percent from 4.2 percent; and tinsmithry materials, 1.2 percent from 2.0 percent.

Meanwhile, the indices of masonry materials and miscellaneous construction materials have higher annual rates during the month in review, NSO said.