"In the preceding paragraph" vs "in the last paragraph"

I am writing an academic paper.

After finishing paragraph A, I want to refer to A in paragraph B, which follows A.
I am confused with choosing "in the preceding paragraph" or "in the last paragraph".
Both of them seem fine.
Do these two phrases only differ in popularity? I think "in the preceding paragraph" is used
more widely.
Or "in the preceding paragraph" is more formal?

Thanks in advance.