Harmonized inflation falls to lowest level since March 2021 in May

Latest reading: Harmonized inflation came in at 0.4% in May, which was down from April’s 1.4%. May's reading represented the lowest inflation rate since March 2021. The slowdown was largely due to softer growth in prices for food and non-alcoholic beverages. In addition, price pressures for transportation declined at a sharper rate. Annual average harmonized inflation fell to 2.1% in May (April: 2.3%). Meanwhile, consumer prices fell 0.2% on an annual basis in May, which contrasted April's 0.2% increase. Lastly, harmonized consumer prices rose 0.23% over the previous month in May, slowing down from April's 0.70% increase. May's result marked the lowest reading since January.

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