inflation rate for 2023 was 7.47%, a 2.11% decline from 2022.
inflation rate for 2022 was 9.57%, a 5.39% increase from 2021.
inflation rate for 2021 was 4.19%, a 0.28% decline from 2020.
inflation rate for 2020 was 4.46%, a 1.14% increase from 2019.
Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.