On Monday, the official data specified that in April, Singapore's consumer price index (CPI) fell by 0.7% over the same period last year, which is the first decline registered since June 2005.

If adhered to the Singapore Department of Statistics than the lower costs of transport and communication, housing and recreation was mainly responsible for the decline. A decline by 6.3 percent was seen in cost of transport and communication, while housing cost plunged by 1.7 percent in April year-on-year.

Furthermore, the consumer price index in April was 1.5 percent lower compared to the previous month, on a seasonally adjusted month-on-month basis.

The CPI was 1.4 percent higher for the first four months of 2009, compared with the same period in 2008.