CloudFront is cheaper than EC2 network?

Amazon CloudFront is a web service that speeds up distribution of your static and dynamic web content, such as .html, .css, .js, and image files, to your users. CloudFront delivers your content through a worldwide network of data centers called edge locations. When a user requests content that you're serving with CloudFront, the request is routed to the edge location that provides the lowest latency (time delay), so that content is delivered with the best possible performance.

• If the content is already in the edge location with the lowest latency, CloudFront delivers it immediately.
• If the content is not in that edge location, CloudFront retrieves it from an origin that you've defined—such as an Amazon S3 bucket, a MediaPackage channel, or an HTTP server (for example, a web server) that you have identified as the source for the definitive version of your content.