A decline in the rate of inflation is referred to as deflation.

Name: A decline in the rate of inflation is referred to as deflation.
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A decline in the rate of inflation means the rate at which prices increase is slowing down, but prices are still rising overall. Deflation refers to a decrease in the general price level of goods and services, meaning prices are actually falling, not just increasing at a slower rate.

A Decline in the Rate of Inflation Is Referred to as Deflation