Table A. Year-on-Year Growth Rates of the CMWPI in NCR 
All Items, In Percent 
(2018=100)

Figure 1. Annual Growth Rates of the CMWPI in NCR, All Items 
December 2023 - December 2024 
(2018=100)

Annual growth rate of CMWPI in NCR remained at 0.2 percent in December 2024

The year-on-year growth rate of CMWPI in NCR remained at 0.2 percent in December 2024. In December 2023, its annual growth rate was registered at 1.3 percent. (Figure 1, and Tables A and 2)

Compared with their respective annual growth rates in November 2024, faster annual increments were observed in the indices of hardware and lumber, both with 0.7 percent in December 2024 from 0.5 percent year-on-year increment in the previous month, and tileworks at 0.4 percent in the current month from 0.3 percent in November 2024.

Meanwhile, a slower annual decrease was recorded in the index of fuels and lubricants at 1.2 percent in December 2024 from 1.6 percent annual decline in the previous month. Moreover, a zero percent annual rate was noted in the index of concrete products in the current month from a 0.1 percent annual drop in November 2024.

On the other hand, slower annual increase was observed in the index of electrical works at 0.4 percent in December 2024 from 0.5 percent in the previous month. An annual decline was also recorded in the index of structural steel at 0.5 percent in the current month from 0.1 percent annual increment in November 2024. In addition, a faster annual decline was recorded in the index of plywood at 0.5 percent in December 2024 from 0.3 percent annual drop in the previous month.

The indices of the rest of the commodity groups either retained their respective November 2024 annual rates or had zero percent annual rates during the month.

Annual average rate of CMWPI slowed down to 0.6 percent in 2024

The annual average rate of CMWPI for 2024 slowed down to 0.6 percent from 5.2 percent in 2023.

The deceleration in the annual average growth rate of CMWPI was mainly caused by the decline in the annual average growth rate of concrete products at 0.2 percent in 2024 from 6.6 percent annual average rate in 2023.

In addition, compared with their respective annual average growth rates in 2023, slower annual average increments were observed in the indices of the following commodity groups during 2024:

a. Sand and gravel, 0.2 percent from 2.2 percent;
b. Hardware, 2.3 percent from 6.3 percent;
c. Plywood, 0.8 percent from 4.3 percent;
d. Lumber, 0.3 percent from 4.3 percent;
e. G.I. sheet, 1.7 percent from 10.7 percent;
f.  Structural steel, 0.9 percent from 4.0 percent;
g. Metal products, 0.5 percent from 2.8 percent;
h. Doors, jambs, and steel casement, 1.0 percent from 3.0 percent;
i.  Electrical works, 1.8 percent from 5.3 percent;
j. Plumbing fixtures and accessories/waterworks, 1.8 percent from 8.7 percent; and
k. Painting works, 1.8 percent from 9.4 percent.

Annual average declines were also observed in the indices of cement at 2.0 percent in 2024 from 1.7 percent annual average increase in 2023, reinforcing steel at 0.3 percent in 2024 from 2.6 percent annual average increase in 2023, and tileworks at 0.7 percent in 2024 from 0.6 percent annual average increase in 2023.

In addition, an annual average decline was recorded in the index of glass and glass products at 0.1 percent in 2024 from a zero percent annual average rate in 2023.

On the other hand, annual average increments were recorded in the indices of PVC pipes at 1.0 percent in 2024 from an annual average decline of 1.0 percent in 2023, and fuels and lubricants at 6.0 percent in 2024 from 6.8 percent annual average decline in 2023. The indices of asphalt and machinery and equipment rental remained at zero percent annual average rate in 2024. (Table 2)

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