Toyota Motor Corp said on Monday it would raise suggested retail prices on some hybrid and commercial vehicles in Japan from next month.

The price rise will help the company absorb higher prices of steel, crude oil and other raw materials, it said.

Prices will increase by 3 percent for the Prius and Harrier hybrid vehicles, and by an average 2 percent on commercial vehicles including some Dyna/Toyoace trucks and Probox vans, it said in a statement.

The move by Japan's top automaker is likely to prompt others to follow suit, after executives at rival companies said they would wait for Toyota's lead.

"Recent further price increases in raw materials have been larger than Toyota's cost reduction efforts are able to offset," Toyota said in a statement.

The automaker said last month it would raise prices of 13 models in the United States by an average $181 or 0.81 percent. - Reuters