CMWPI continued to pick up at a slower annual pace in April
The year-on-year increase of CMWPI in NCR slowed down further to 7.4 percent in April 2023. A higher annual growth rate was posted in March 2023 at 7.7 percent, while its annual growth rate in April 2022 was recorded at 6.9 percent.
The main contributor to the lower annual growth rate of CMWPI was the reinforcing and structural steel, which recorded a lower annual growth rate of 6.5 percent in April 2023 from 7.1 percent in March 2023. Moreover, the annual growth rates in the indices of the following commodity groups exhibited downward trend during the month:
a. Sand and gravel, 4.7 percent from 4.8 percent in March 2023; b. Concrete products and cement, 9.0 percent from 9.3 percent in March 2023; c. Hardware, 6.8 percent from 7.7 percent in March 2023; d. Plywood, 4.8 percent from 5.0 percent in March 2023; e. Doors, jambs, and steel casement, 5.4 percent from 6.1 percent in March 2023; f. Electrical works, 6.2 percent from 6.6 percent in March 2023; g. Plumbing fixtures/waterworks, 3.9 percent from 4.1 percent in March 2023; and h. PVC pipes, 1.3 percent from 1.8 percent in March 2023.
In addition, the fuels and lubricants index further decreased to -11.9 percent during the month from an annual decline of -8.0 percent in March 2023.
On the other hand, higher annual growth rates were reported in the indices of lumber at 7.0 percent from 6.8 percent in March 2023; tileworks, 1.3 percent from 1.0 percent in March 2023; and painting works, 13.1 percent from 12.9 percent in March 2023.
The indices of the rest of the commodity groups either retained their respective March 2023 annual growth rate or had zero percent annual rates during the month.