In an economy, the annual rate of consumer price inflation was measured at 5.8% in 2021, 2.3% in 2022, and -1.2% in 2023. Which of the following statements correctly describes the economic phenomena occurring over these periods?
The general price level fell between 2021 and 2022, and then rose in 2023.
The economy experienced disinflation throughout the entire period from 2021 to 2023.
The economy experienced disinflation between 2021 and 2022, followed by deflation in 2023.
The economy experienced deflation between 2021 and 2022, followed by disinflation in 2023.
