Monthly prices for manufactured goods were unchanged in May from the previous month, following five consecutive monthly increases, Statistics Canada said today.

However, prices for raw materials fell last month compared with April due to weaker crude oil prices in May.

The government agency said that prices charged by manufacturers, measured by the industrial product price index stabilized between April and May.

Lower prices for petroleum products as well as lumber and other wood products were offset by higher prices for vehicles, meat, fish, dairy and primary metal products.

However, on an annualized basis, industrial products prices were 0.3% lower in May from one year earlier, a sizeable change from the 1.5% annual increase reported in April.

Meanwhile, the raw materials price index fell 3.1% between April and May, following a 1.5% drop the month before due to weaker oil prices at that time and reduced demand for wood products.

Compared to May 2004, raw materials still cost factories 7.0% more this year. That’s less than the 13.5% annualized increase reported in April.