Minneapolis/St. Paul, Minnesota prices: $1 in 1994 $2.04 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1994-2023 ($1)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 103.84% higher in 2023 versus 1994 (a $1.04 difference in value).

Between 1994 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 2.49% per year. This rate of change indicates significant inflation. In other words, $1 in Minneapolis/St. Paul in the year 1994 would cost $2.04 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.52% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1994: Pricing changed by 3.16%, which is above the average yearly change in Minneapolis/St. Paul during the 1994-2023 time period. Compared to inflation for all items in 1994 (2.60%), inflation in Minneapolis/St. Paul was higher.

Price Inflation in Minneapolis-St Paul, Minnesota since 1984

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2022 (7.45%), 1988 (5.02%), and 2021 (4.84%).

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Buying power of $1.00 since 1994

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $1 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1994$1.003.16%
1995$1.022.37%
1996$1.063.33%
1997$1.082.30%
1998$1.101.87%
1999$1.143.16%
2000$1.184.16%
2001$1.233.76%
2002$1.251.76%
2003$1.271.73%
2004$1.312.85%
2005$1.342.77%
2006$1.371.61%
2007$1.402.57%
2008$1.463.83%
2009$1.45-0.51%
2010$1.471.85%
2011$1.533.59%
2012$1.562.33%
2013$1.591.94%
2014$1.621.40%
2015$1.61-0.62%
2016$1.631.55%
2017$1.672.18%
2018$1.712.40%
2019$1.742.10%
2020$1.761.16%
2021$1.854.84%
2022$1.987.45%
2023$2.042.71%*

* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.


Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Minneapolis-St Paul, Minnesota:

Year1984198519861987198819891990199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023
CPI103.100107.000108.400111.600117.200122.000127.000130.400135.000139.200143.600147.000151.900155.400158.300163.300170.100176.500179.600182.700187.900193.100196.200201.247208.958207.889211.728219.339224.459228.811232.013230.567234.145239.239244.969250.106252.997265.244285.008292.720

Adjust Minneapolis/St. Paul prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 1994 * 1994 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 143.600 in the year 1994 and 292.720 in 2023:

292.720 / 143.600 * $1 = $2.04

Therefore, according to U.S. Bureau of Labor Statistics, $1 in 1994 has the same "purchasing power" as $2.04 in 2023 (in the CPI category of Minneapolis-St Paul, Minnesota).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Minneapolis-St Paul, Minnesota in 1984. In addition to Minneapolis/St. Paul, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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