A country has recorded the following annual changes to its main macroeconomic indicators over the period 2020 to 2023:
| Year | CPI inflation (%) | Average household income growth (%) at current prices |
|---|---|---|
| 2020 | 2.5 | 3.1 |
| 2021 | 3.2 | 1.8 |
| 2022 | 1.4 | 0.9 |
| 2023 | 0.8 | 1.2 |
Which one of the following can be concluded from the data?
Nominal average household income decreased in both 2021 and 2022
The real value of average household income fell in both 2021 and 2022
Average prices fell continuously between 2021 and 2023
The average price level was lower in 2023 than in 2020