In one year, the CPI increased from 106.3 to 108.9. How much money was required at the end of the year in order to have the same purchasing power as $1,000 at the beginning?

Purchasing Power

The value of currency expressed in terms of the amount of goods or services that one unit of money can buy.

CPI

This index, named the Consumer Price Index, assesses the cumulative weighted prices of a collection of consumer-related goods and services, with categories including transportation, healthcare, and food.