Rate of price hikes in building materials slowed down in May

The rate of rise in the prices of select construction materials in the National Capital Region slowed down in May from April, according to the National Statistics Office (NSO).

Apart from painting materials and related compounds, prices of other materials slowed down.

According to the NSO, the month-on-month growth rate of the retail price index of select construction materials in the NCR eased to 0.2 percent in May from 0.5 percent in April.

A decline was posted in the index of masonry materials at -0.7 percent in May from -0.2 percent in April; plumbing materials, -0.3 percent from 1.8 percent; and tinsmithry materials, -0.5 percent from zero growth.

Also, the monthly rate of increase in electrical materials index decelerated to 0.1 percent from 0.5 percent and miscellaneous construction materials, 0.2 percent from 0.3 percent.

A higher monthly hike was noted in carpentry materials index at 0.8 percent from 0.5 percent while the same April rate of 0.8 percent was observed in painting materials and related compounds index.

Downward price adjustments were noted in cement, gravel, sand, and selected tinsmithry materials.

The annual growth rate of the retail price index of selected construction materials in the NCR was slower at 4.5 percent in May from 4.7 percent in April.