TAIPEI, June 5 -- Taiwan has recorded deflation for five consecutive months this year, Taiwan's statistical agency said on Friday.

The Consumer Price Index (CPI), a core measure of inflation or deflation, dipped 0.73 percent year on year in May, following a year-on-year decline of 0.94 percent, 0.2 percent, 0.62 percent and 0.82 percent in the first four months respectively.

For the first two months of 2015, the CPI fell 0.66 percent year on year, according to the agency.

Meanwhile, the Wholesale Price Index (WPI) in May slumped 9.45 percent from the same period last year.

On a monthly basis, the May CPI was up 0.06 percent but the WPI was down 0.19 percent from April.

The statistics agency attributed the deflation to lower fuel and electricity costs, and cheaper fruit and electronics products. However, higher vegetable and food prices offset some of the CPI declines.