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Answer:
To add to pipthepip's answer, when it means month on month, it normally refers to the month on month change. For example, if a retail sales report shows a figure of 1.5% for the month of June, it means that sales grew by 1.5% from May to June. The same is true for year on year figures - if the report shows growth of 1.5%, it means that retail sales grew by 1.5% from levels a year ago.
