Table A. Year-on-Year Growth Rates of the CMWPI in NCR, All Items
*Year-on-year change of average CMWPI for January to October, 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
October 2022 - October 2023
Annual rate of CMWPI in NCR moved up at a slower rate in October 2023
The year-on-year growth rate of CMWPI in NCR slowed down to 1.7 percent in October 2023 from 2.2 percent in September 2023. In October 2022, its annual rate was registered at 11.0 percent. (Figure 1, and Tables A and 2)
The deceleration in the annual growth rate of CMWPI was mainly caused by the lower annual increase of reinforcing and structural steel at 0.6 percent in October 2023 from 1.5 percent in September 2023. Moreover, the annual increments in the indices of the following commodity groups also exhibited downward trend during the month:
a. Concrete products and cement, 1.6 percent from 1.8 percent;
b. Hardware, 4.9 percent from 5.5 percent;
c. Plywood, 3.4 percent from 3.6 percent;
d. Lumber, 1.1 percent from 1.9 percent;
e. G.I. sheet, 3.5 percent from 4.5 percent;
f. Electrical works, 4.7 percent from 5.8 percent;
g. Painting works, 5.5 percent from 6.3 percent; and
h. PVC pipes, 0.6 percent from 0.9 percent.
Meanwhile, an annual decline was observed in tileworks index at 0.4 percent in October 2023 from an annual increase of 0.9 percent in September 2023.
On the other hand, higher annual increases were observed in the indices of sand and gravel at 1.2 percent in October 2023 from 0.9 percent in September 2023; doors, jambs, and steel casement at 2.0 percent during the month from 0.9 percent in the previous month; and plumbing fixtures and accessories/waterworks at 2.4 percent in October 2023 from 2.1 percent in September 2023. In addition, a slower annual decline was recorded in the index of fuels and lubricants at 0.7 percent during the month from 2.4 percent annual drop in September 2023.
The indices of asphalt and machinery and equipment rental registered zero percent annual rates during the month, while the index of glass and glass products recorded an annual decline of 0.2 percent for the sixth consecutive month.
See more at the Construction Materials Wholesale Price Index Main page