Table A. Year-on-Year Growth Rates of the CMWPI in NCR, All Items
*Year-on-year change of average CMWPI for January to August, 2023 vs. 2022
Source: Philippine Statistics Authority
Survey of Wholesale Prices of Selected Construction Materials for the Generation of CMWPI
Figure 1. Annual Growth Rates of the CMWPI in NCR, All Items
August 2022 - August 2023
CMWPI in NCR retained its July 2023 annual rate in August 2023
In August 2023, the year-on-year growth rate of CMWPI in NCR retained its July 2023 annual growth rate of 5.7 percent. In August 2022, its annual rate was registered at 7.0 percent. (Figure 1, and Tables A and 2)
Compared with their respective annual growth rates in July 2023, annual increments were higher in the indices of the following commodity groups during the month:
a. Hardware, 6.9 percent from 5.9 percent;
b. Plywood, 4.5 percent from 4.0 percent;
c. G.I. sheet, 16.4 percent from 16.0 percent;
d. Reinforcing and structural steel, 3.5 percent from 2.6 percent;
e. Doors, jambs, and steel casement, 5.1 percent from 4.6 percent; and
f. Electrical works, 6.2 percent from 5.5 percent.
Moreover, the tileworks index recorded an annual increase of 0.5 percent during the month from a zero percent annual rate in July 2023. Furthermore, slower annual declines were recorded in the indices of PVC pipes at -5.1 percent in August 2023 from -5.6 percent in July 2023, and fuels and lubricants at -6.6 percent during the month from -21.2 percent in the previous month.
Slower annual increases were observed in the indices of sand and gravel at 2.2 percent in August 2023 from 3.6 percent in July 2023, and concrete products and cement at 7.7 percent during the month from 8.4 percent in July 2023.
The indices of the rest of the commodity groups either retained their respective July 2023 annual rate or had zero percent annual rates during the month, with the index of glass and glass products recording an annual decline of -0.2 percent for the fourth consecutive month. (Table 2)
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