Factory gate prices fell by 0.2% during May, compared with a decrease of 2.4% for the same month last year.
The figures from the Central Statistics Office also show an annual percentage decrease of 1.6% in May 2016, compared with a decrease of 3.8% in the year to April 2016.
In the month, the price index for export sales fell by 0.3%, while the index for home sales increased by 0.7%.
In the year there was a drop of 1.3% in the price index for export sales (this can be influenced by currency fluctuations) and a decrease of 3.2% in respect of the price index for home sales.
The most significant changes in May were increases in meat and meat products (+0.6%) and printing and reproduction of recorded media (+0.6%), while there were decreases in other food products including bread and confectionery (-1.2%), computer, electronic and optical products (-0.4%) and basic pharmaceutical products and pharmaceutical preparations (-0.2%).
Meanwhile, contributing to the annual change were increases in fish and fish products (+9.3%), other manufacturing including medical and dental instruments and supplies (+7.6%) and beverages (+1.2%), while there were decreases in dairy products (-8.1%), basic pharmaceutical products and pharmaceutical preparations (-2.0%) and computer, electronic and optical products (-1.5%).
According to the CSO, the yearly price index for mining and quarrying decreased by 10.7% while the monthly index increased by 1.3%.
Building and construction materials prices were 1.1% in the year since May last year.
The most notable yearly changes were increases in sand and gravel (+12.6%), stone (+8.2%) and fabricated metal (+7.2%), while there were decreases in other timber excluding windows and doors (-9.0%), copper pipes and fittings (-6.0%) and glass (-4.1%).
Year on year, the price of Capital goods increased by 0.7%, while the monthly price index increased by 0.3%.
The price of Energy products decreased by 19.3% in the year since May 2015, while petroleum fuels decreased by 11.6%.
In May 2016, the monthly price index for Energy products increased by 1.1%, while Petroleum fuels increased by 2.8%.