Table A. Year-on-Year Growth Rates of the CMWPI in NCR, All Items  
In Percent  
(2012=100)

_{*Year-on-year change of average CMWPI for January, 2024 vs. 2023            
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         
January 2023 - January 2024         
(2012=100)

Annual rate of CMWPI in NCR rose to 2.0 percent in January 2024

The year-on-year growth rate of CMWPI in NCR increased to 2.0 percent in January 2024 from 1.7 percent in December 2023. In January 2023, its annual rate was registered at 9.4 percent. (Figure 1, and Tables A and 2) 

The higher annual growth rate of CMWPI during the month was mainly caused by the faster annual increment of G.I. sheet at 4.5 percent in January 2024 from 3.0 percent in December 2023. In addition, the heavily-weighted reinforcing and structural steel also contributed to the uptrend of CMWPI with  faster annual increase of 1.0 percent in January 2024 from 0.6 percent in December 2023. 

Moreover, higher annual increments were observed in the indices of the following commodity groups during the month compared with their respective annual growth rates in December 2023:

a. Sand and gravel, 1.5 percent from 1.3 percent; 
b. Hardware, 5.6 percent from 4.6 percent; 
c. Plywood, 3.8 percent from 3.4 percent; 
d. Lumber, 2.3 percent from 1.2 percent; 
e. Doors, jambs, and steel casement, 2.8 percent from 2.1 percent; 
f. Plumbing fixtures and accessories/waterworks, 4.1 percent from 2.3 percent; 
g. Painting works; 5.0 percent from 4.5 percent; and 
h. PVC pipes, 1.0 percent from 0.6 percent.

On the other hand, slower annual increase was observed in the index of fuels and lubricants at 0.3 percent in January 2024 from 0.5 percent in December 2023. In addition, annual decline was recorded in the index of tileworks at 0.3 percent in January 2024 from 0.1 percent annual increment in December 2023.

The indices of the rest of the commodity groups either retained their respective December 2023 annual rates 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 nine consecutive months. (Table 2)

See more at the Construction Materials Wholesale Price Index Main page