Construction Materials Wholesale Price Index in the National Capital Region (2018=100): August 2024
Table A. Year-on-Year Growth Rates of the CMWPI in NCR
All Items, In Percent
(2018=100)
|
|
|
|
|---|---|---|---|
| 5.6 | 0.5 | 0.3 | 0.7 |
| *Year-on-year change of average CMWPI for August 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
August 2023 - August 2024
(2018=100)
Annual growth rate of CMWPI in NCR moved up at a slower rate in August 2024
In August 2024, the year-on-year growth rate of CMWPI in NCR slowed down to 0.3 percent from its July 2024 annual growth rate of 0.5 percent. In August 2023, its annual rate was registered at 5.6 percent. (Figure 1, and Tables A and 2)
The deceleration in the annual growth rate of CMWPI was mainly caused by the annual decline of metal products at 0.3 percent in August 2024 from 1.1 percent annual increment in July 2024.
In addition, compared with their respective annual growth rates in July 2024, slower annual increments were observed in the indices of the following commodity groups during the month:
a. Hardware, 0.9 percent from 2.6 percent;
b. Plywood, 0.4 percent from 1.1 percent;
c. G.I. sheet, 0.1 percent from 0.4 percent;
d. Structural steel, 0.2 percent from 0.7 percent;
e. Electrical works, 2.9 percent from 3.2 percent;
f. Painting works, 1.2 percent from 1.3 percent; and
g. Fuels and lubricants, 3.5 percent from 12.9 percent.
Faster annual declines were recorded in the indices of reinforcing steel and tileworks both at 1.2 percent in August 2024 from their respective annual drops of 1.0 percent and 0.8 percent in July 2024. Furthermore, from a zero percent annual rate in July 2024, an annual decline was recorded in the index of lumber at 0.1 percent in August 2024.
On the other hand, compared with their respective annual growth rates in July 2024, higher annual growth rates were recorded in the indices of doors, jambs, and steel casement at 1.2 percent from 1.0 percent; plumbing fixtures & accessories/waterworks at 1.1 percent from 1.0 percent; and PVC pipes at 1.4 percent from 1.3 percent during the month.
Likewise, slower annual decreases were recorded in the indices of sand and gravel at 0.3 percent in August 2024 from 0.4 percent annual drop in the previous month, and cement at 2.1 percent annual drop in August 2024 from 2.2 percent annual decline in July 2024.
The index of concrete products retained its previous month’s annual growth rate at 0.1 percent in August 2024. Meanwhile, the indices of glass and glass products, asphalt, and machinery and equipment rental retained their zero percent annual rates in August 2024. (Table 2)
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