Updated Wednesday, June 24, 2009 10:42 am TWN, AP

Singapore prices fall in second month of deflation

SINGAPORE -- Singapore's consumer prices fell in May for a second month as a steep drop in crude oil reduced transportation costs. The consumer price index fell 0.3 percent in the 12 months through May after a 0.7 percent drop in the 12 months to April, the statistics department said Tuesday.

Compared to April, May's CPI rose 0.6 percent. Prices fell 1.1 percent in April, the largest drop since 1977.

Singapore expects deflation this year with prices falling as much as 1 percent. A severe recession, the worst since the city-state split from Malaysia in 1965, has undermined consumer demand.

Transport and communication prices in May dropped 5.8 percent from a year earlier, housing rose 0.7 percent and recreation slid 0.2 percent. Inflation has slowed from a 26-year high in June of 7.5 percent.

Crude oil prices fell to below $35 a barrel in March from a record $147 last July before rising above $70 this month.

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