Peoria, Ill.-based Caterpillar Inc. last week said it will increase machinery and engine prices by 1 percent to 5 percent by late spring citing the rising costs of steel and other raw materials, according to a Reuters report.

According to industry analysts, the price increase won't immediately boost Caterpillar's financial results because many of its products are in short supply.

The company previously raised prices by about 3 percent in July and another 3 percent in January to offset rising costs.

Caterpillar said the exact timing of the price increases will vary by product line and marketing division, with many occurring in late April through May.

The company, in Tuesday's 8-K filing, said it is monitoring material costs and their impact on results. It said it will consider whether to update to its 2005 outlook in the company's first-quarter earnings press release, currently scheduled for April 20.