Harmonized inflation declines to lowest level since October 2024 in May

Latest reading: Harmonized inflation came in at 2.0% in May, down from April’s 2.2%. May's result represented the lowest inflation rate since October 2024. Looking at the details of the release, prices for transportation fell at a steeper rate. Moreover, prices for restaurants and hotels grew at a more subdued pace. That said, prices for food and non-alcoholic beverages increased at a quicker rate in May. Annual average harmonized inflation edged down to 2.5% in May (April: 2.6%). Meanwhile, consumer price inflation edged down to 2.0% in May from April’s 2.2%. Finally, harmonized consumer prices fell 0.03% in May over the previous month, contrasting April's 0.62% rise. May's result marked the lowest reading since January.

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