Singapore inflation eases as transport costs fall

Singapore’s consumer-price index fell 0.3% in May from a year earlier due to lower costs of transport and recreational activities. The decline in the CPI followed a 0.7% fall in April, the Department of Statistics said. It was a smaller decline than the 1% decline expected by economists. The index rose 0.8% from April compared with expectations for a 0.1% increase. Housing and food costs in May rose 0.7% and 2.6%, respectively, from last year. Transport and communication costs fell 5.8% due to cheaper gasoline and car prices, as well as road taxes. (June 24, 2009)