Harmonized inflation falls to lowest level since December 2024 in May

Latest reading: Harmonized inflation came in at 3.0% in May, down from April’s 3.3%. May's reading represented the lowest inflation rate in half a year. Looking at the details of the release, prices for hospitality, housing and utilities, and recreation rose at a softer pace, and prices for transportation dropped after growing in the previous month. Annual average harmonized inflation was unchanged at April's 2.7% in May. Meanwhile, consumer price inflation fell to 3.0% in May from April’s 3.1%. Lastly, harmonized consumer prices fell 0.13% in May over the previous month, contrasting April's 0.27% increase. May's result marked the weakest reading since August 2024.

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