How does the number_format() function in PHP differ from using preg_replace or str_replace for formatting numbers?

The number_format() function in PHP is specifically designed for formatting numbers in a human-readable format, such as adding commas as thousands separators and specifying decimal precision. Using preg_replace or str_replace for formatting numbers may not provide the same level of control and accuracy. It is recommended to use number_format() for consistent and reliable number formatting in PHP.

// Using number_format() function for formatting numbers
$number = 1234567.89;
$formatted_number = number_format($number, 2); // Output: 1,234,567.89
echo $formatted_number;