New figures from the Central Statistics Office show that manufacturing prices - or factory gate prices - inched 0.1% higher in May from April.

On an annual basis, manufacturing prices fell by 3.1% in May of this year compared to the same time last year. 

The CSO said the main reasons for the annual change were an 11.7% increase in dairy products, an 8.5% rise in wood and wood products, while medical and dental instruments rose by 1.2%. 

There were decreases in basic pharmaceutical products and preparations (down 6.9%), while other food products - including bread and confectionary - fell by 4.7%. 

All building and construction material prices increased by 1.5% in the 12 months to May, with sand and gravel prices jumping over 29% and hardwood up 14.5%.

The CSO also said that the price of energy products decreased by 8.4% in the year, while petroleum fuels fell by 0.6%.