The table below shows the Consumer Price Index (CPI) of an economy from 2020 to 2024.
| Year | Consumer Price Index (CPI) |
|---|---|
| 2020 | 97.4 |
| 2021 | 100.0 |
| 2022 | 105.4 |
| 2023 | 112.5 |
| 2024 | 116.8 |
Using the data in the table, what was the annual rate of inflation in 2023?
6.74%6.74\%6.74%
7.10%7.10\%7.10%
12.50%12.50\%12.50%
3.82%3.82\%3.82%