Unit 4.8 - Glossary of key terms: Inflation and deflationThe base year is the year with which the values from other years are compared. It has a default value of 100.Benign deflation refers to deflation caused by supply-side factors that are non-threatening to the economy as a whole.The consumer price index (CPI) is the most common measure of inflation and deflation in the economy. It is a statistically weighted index...