Deflation is a decrease in the general price level of goods and services. It occurs when the inflation rate falls below 0%. Inflation reduces the value of currency over time, but sudden deflation increases it. This allows more goods and services to be bought than before with the same amount of currency. Deflation is distinct from disinflation, a slow-down in the inflation rate, i.e. when inflation declines to a lower rate but is still positive.

通貨緊縮是商品和服務(wù)總體價格水平的下降。當(dāng)通貨膨脹率低于 0% 時，就會發(fā)生這種情況。通貨膨脹會隨著時間的推移降低貨幣價值，但突然的通貨緊縮會增加貨幣價值。這允許用相同數(shù)量的貨幣購買比以前更多的商品和服務(wù)。通貨緊縮不同于通貨緊縮，即通貨膨脹率放緩，即當(dāng)通貨膨脹率下降到較低水平但仍為正時。

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Some countries that are experiencing deflation include:

一些正在經(jīng)歷通貨緊縮的國家包括：

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Japan 日本

Venezuela 委內(nèi)瑞拉

Argentina 阿根廷

Lebanon 黎巴嫩

Turkey 土耳其

Deflation can be caused by a number of factors, including:

通貨緊縮可能由多種因素引起，包括：

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A decrease in aggregate demand. This can happen when there is a recession or a financial crisis. When people are spending less, businesses have less incentive to produce goods and services, which leads to lower prices.

總需求減少。當(dāng)出現(xiàn)經(jīng)濟(jì)衰退或金融危機(jī)時，可能會發(fā)生這種情況。當(dāng)人們減少支出時，企業(yè)生產(chǎn)商品和服務(wù)的動力就會減少，從而導(dǎo)致價格下降。

An increase in aggregate supply. This can happen when there is a technological breakthrough that makes it cheaper to produce goods and services. When costs go down, businesses can lower their prices without losing money.

總供應(yīng)增加。當(dāng)技術(shù)突破使商品和服務(wù)的生產(chǎn)成本更低時，就會發(fā)生這種情況。當(dāng)成本下降時，企業(yè)可以在不賠錢的情況下降低價格。

A decrease in the money supply. This can happen when a central bank raises interest rates or sells government bonds. When there is less money in circulation, prices tend to go down.

貨幣供應(yīng)量減少。當(dāng)中央銀行提高利率或出售政府債券時，就會發(fā)生這種情況。當(dāng)流通中的貨幣減少時，價格往往會下降。

Deflation can have a number of negative consequences, including:

通貨緊縮可能產(chǎn)生許多負(fù)面后果，包括：

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Reduced economic growth. When prices are falling, people tend to delay spending, which can lead to a decrease in demand and a decrease in production.

經(jīng)濟(jì)增長放緩。當(dāng)價格下跌時，人們傾向于推遲支出，這可能導(dǎo)致需求減少和產(chǎn)量下降。

Increased unemployment. When businesses are producing less, they need fewer workers. This can lead to an increase in unemployment.

失業(yè)率上升。當(dāng)企業(yè)產(chǎn)量減少時，他們需要的工人就會減少。這可能導(dǎo)致失業(yè)率上升。

Increased debt burden. When prices are falling, the real value of debt increases. This can make it more difficult for people to repay their debts, which can lead to financial problems.

債務(wù)負(fù)擔(dān)增加。當(dāng)價格下跌時，債務(wù)的實(shí)際價值就會增加。這可能會使人們更難償還債務(wù)，從而導(dǎo)致財務(wù)問題。

Governments and central banks typically try to avoid deflation. They do this by increasing the money supply, lowering interest rates, and stimulating the economy.

政府和中央銀行通常會試圖避免通貨緊縮。他們通過增加貨幣供應(yīng)量、降低利率和刺激經(jīng)濟(jì)來做到這一點(diǎn)。