Multi-Line Padded Text

This is one of those tricky CSS things that I see come up every few months. I guess what better place to address it than CSS-Tricks eh?

The situation involves ragged-right inline text. Like when a paragraph of text breaks to the next line whenever the next word won't fit (i.e. most text on the internet). You want to add a background behind that text which:

1. Follows the ragged-right edge
2. Is padded along both the left and right edge of
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Multi-Line Padded Text is a post from CSS-Tricks