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English definition of “price deflation”

price deflation

noun [U or C]
 
 
ECONOMICS a reduction in prices in the economy as a whole, or for particular goods or services: The grocery chain reported that it is feeling the effects of price deflation. The clothing market has seen a price deflation of 2 to 3% a year.
(Definition of price deflation from the Cambridge Business English Dictionary © Cambridge University Press)
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