Often used to talk about city, institution, or country anniversaries, usually with festivities. The town's centennial celebration included a parade and fireworks.
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Not Annual
'Centennial' refers specifically to 100-year milestones, not more frequent annual events. Our country will mark its next centennial in 2076.
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Historical Importance
Centennial anniversaries often celebrate historically significant moments. The centennial of the armistice was solemnly observed nationwide.