May confirmed a more uneven global environment, with inflation still sensitive to energy markets and growth becoming less synchronized across regions.

In Canada, lower inflation contrasts with a weaker labour market and cautious domestic demand.

In the United States, resilient activity is being tested by energy-driven price pressures and high interest rates.

Europe continues to face renewed inflation, weak growth and a more defensive trade environment.

In the United Kingdom, inflation is easing, but labour and trade conditions remain fragile.

In China, exports continue to support activity while domestic demand stays uneven.

Meanwhile, urea prices fell sharply, though energy and geopolitical risks continue to shape the outlook.