Meaning of the word "in the past year" in English

What does "in the past year" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

in the past year

US /ɪn ðə pæst jɪr/
UK /ɪn ðə pɑːst jɪər/

Phrase

during the period of twelve months that has just ended

Example:
Sales have increased significantly in the past year.
Many changes have occurred in the past year.