In 2012, the average retail price of gasoline in California was $4.081. It rose to $5.406 per gallon in 2022, a nominal increase of 32.5%. Expressed as a percentage, how much did the real (i.e., inflation-adjusted) retail price of gasoline change between 2012 and 2022?
Use these CPI numbers from the Bureau of Labor Statistics for your answer:
Year CPI-U Year CPI-U
2009 214.5 2016 240.0
2010 218.1 2017 245.1
2011 224.9 2018 251.1
2012 229.6 2019 255.7
2013 233.0 2020 258.8
2014 236.7 2021 271.0
2015 237.0 2022 292.7
