If the Consumer Price Index rose from 109.6 to 133.8 over an 8½-year period, what was the equivalent compound annual inflation rate during the period?

Consumer Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Compound Annual

This term, when incomplete, typically refers to the compound annual growth rate (CAGR), which is a measure of the mean annual growth rate of an investment over a specified time period longer than one year.