The effects of inflation and deflation

In the last 3 months of 2019, the economy had moderate inflation as measured by the change in CPI, the percentage value change of CPI from 12 months ago (a 2.1% increase from October, 2018 - October, 2019, a 2.3% increase from November, 2018 - November, 2019, and a 1.8% increase from December, 2018 - December, 2019). In the first 3 months of 2020 (January, 2020 to March, 2020), there has been a deflationary trend of the percentage change in CPI year-over-year of 2.5%, 2.3%, and 1.5%, respectively. See the chart below.

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