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The phrase "raw material prices" is correct and usable in written English.
You can use it when you need to discuss the cost of raw materials used in a particular industry, such as manufacturing. For example, "The raw material prices of the automotive industry have seen a continual increase in recent years."
Exact(51)
And what's pushing up raw material prices?
Much inflation comes via higher fuel, food and raw material prices.
Higher raw material prices held back gains in the chemicals and polymers businesses, the company said.
And rising raw material prices are making wind farms more expensive to build.
Lower raw material prices are starting to boost margins, the company added.
Shipments through ports are slowing, raw material prices are rising and investments are being delayed.
Similar(9)
But higher raw-material prices present firms with a problem.
Brazil and Russia are sensitive to raw-material prices, which are falling.
After a daunting rise earlier in the decade, raw-material prices were falling.
After years of declining raw-material prices, clothes firms such as Gap announced profit warnings and saw their shares whacked.
Asian exporters face slower growth abroad, high raw-material prices, growing competition from China and diminishing returns from cost cutting.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com