Deflation
Deflation is a general decline in prices for goods and services, typically associated with a contraction in the supply of money and credit in the economy. During deflation, the purchasing power of currency rises over time. Deflation causes the nominal costs of capital, labor, goods, and services to fall, though their relative prices may be unchanged. Deflation has been a widespread concern among economists for decades. Deflation benefits consumers because they can purchase more goods and services with the same nominal income over time [Investopedia].
Deflation is defined as a general price decline, emphasizing “general.” Deflation per se occurs only when price declines are so widespread that broad-based indexes of prices, such as the consumer price index, register ongoing declines [The Federal Reserve Board].
Bernanke, B.S. (2002). Deflation: Making Sure “It” Doesn't Happen Here. The Federal Reserve Board. Retrieved from: https://www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021121/default.htm
The Investopedia Team (2022). Deflation: Definition, Causes, Changing Views on Its Impact. Investopedia. Retrieved from: https://www.investopedia.com/terms/d/deflation.asp