CMWPI continued to pick up at a slower annual pace in December 2022
The year-on year increase of CMWPI in NCR slowed down further to 10.3 percent in December 2022. Higher annual growth rate was posted in November 2022 at 10.4 percent. Its annual increment in December 2021 was recorded at 5.2 percent.
The lower annual growth in CMWPI was primarily brought about by the downtrend in the heavily-weighted index of reinforcing and structural steel at 12.3 percent during the month, from 12.7 percent in November 2022.
Moreover, compared with their annual rates in the previous month, slower annual increments were posted in the indices of the following commodity groups in December 2022:
a. Hardware, 7.6 percent; b. Plywood, 5.8 percent; c. Plumbing fixtures and accessories/waterworks, 5.9 percent; and d. Fuels and lubricant, 8.6 percent.
Meanwhile, annual gains were higher in the indices of the following commodity groups:
a. Sand and gravel, 8.0 percent; b. Lumber, 7.8 percent; c. G.I. sheet, 17.1 percent; d. Electrical works, 8.1 percent; and e. Painting works, 12.0 percent.
The rest of the commodity groups either retained their respective November 2022 annual growth rates or had zero percent annual increment during the month.
The annual average rate of CMWPI for the year 2022 rose to 8.3 percent from 3.2 percent in 2021.
Compared with their annual average rates in 2021, the indices of 12 out of 17 commodity groups registered higher annual average rates in 2022. In addition, the plumbing fixtures and accessories/waterworks exhibited a positive annual average growth of 7.2 percent, from an annual average decline of -0.8 percent in 2021.