The National Statistical Institute (NSI) reported deflation for the second consecutive month. In May, retail prices decreased by 0.2 percent following a 0.3 percent drop in April, according to NSI data.

The last instance of two consecutive months of deflation was in 2020, with monthly decreases recorded in March, April, May, and June.

In May 2024, compared to April, the largest price drops were observed in the categories "Messages" (-1.5 percent), "Entertainment and Culture" (-1 percent), "Transport" (-0.9 percent), and "Food Products and Non-Alcoholic Beverages" (-0.5 percent).

Conversely, the most significant monthly price increases were seen in "Alcoholic Beverages and Tobacco Products" (+1 percent), "Restaurants and Hotels" (+0.6 percent), "Clothing and Shoes" (+0.6 percent), and "Miscellaneous Goods and Services" (+0.6 percent).

On an annual basis, inflation in May decreased by 0.1 percentage points to 2.3 percent, compared to 2.4 percent in April. Year-to-date inflation (May 2024 vs. December 2023) stands at 0.4 percent, while the average annual inflation for June 2023 to May 2024 compared to June 2022 to May 2023 is 5.1 percent.

The harmonized index of consumer prices, used for EU comparisons, remained unchanged in May after a 0.1 percent decline in April. Annually, this index saw a 0.2 percentage point increase from April’s 2.5 percent, marking the first rise since July of the previous year. Year-to-date harmonized inflation (May 2024 vs. December 2023) is 0.6 percent, with an average annual inflation rate of 5.1 percent for June 2023 to May 2024 compared to the same period in the previous year.