Philippines Sees Slowest Construction Material Price Increase in 6 Years
Wholesale prices of building materials in Metro Manila rose at their slowest rate in over six years, while retail prices remained stable, the Philippine Statistics Authority (PSA) reported.
According to the PSA, the construction materials wholesale price index grew by just 0.3 percent year-on-year in August, down from 0.5 percent in July and significantly lower than the 5.6 percent recorded in the same period last year. For the first eight months of the year, the index averaged 0.7 percent, a sharp decline from 7.1 percent during the same period in 2023.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the subdued price growth mainly to the economic slowdown in China, the world's largest importer of oil and other key commodities.
Source: Philippine Statistics Authority (PSA)