Minneapolis/St. Paul, Minnesota prices: $15,000 in 1987 $39,344.09 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1987-2023 ($15,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 162.29% higher in 2023 versus 1987 (a $24,344.09 difference in value).

Between 1987 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 2.71% per year. This rate of change indicates significant inflation. In other words, $15,000 in Minneapolis/St. Paul in the year 1987 would cost $39,344.09 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.78% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1987: Pricing changed by 2.95%, which is above the average yearly change in Minneapolis/St. Paul during the 1987-2023 time period. Compared to inflation for all items in 1987 (3.66%), inflation in Minneapolis/St. Paul was lower.

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%).

View price changes for other categories
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Buying power of $15,000.00 since 1987

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $15,000 beginning in 1987. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1987$15,000.002.95%
1988$15,752.695.02%
1989$16,397.854.10%
1990$17,069.894.10%
1991$17,526.882.68%
1992$18,145.163.53%
1993$18,709.683.11%
1994$19,301.083.16%
1995$19,758.062.37%
1996$20,416.673.33%
1997$20,887.102.30%
1998$21,276.881.87%
1999$21,948.923.16%
2000$22,862.904.16%
2001$23,723.123.76%
2002$24,139.781.76%
2003$24,556.451.73%
2004$25,255.382.85%
2005$25,954.302.77%
2006$26,370.971.61%
2007$27,049.332.57%
2008$28,085.753.83%
2009$27,942.07-0.51%
2010$28,458.061.85%
2011$29,481.053.59%
2012$30,169.222.33%
2013$30,754.171.94%
2014$31,184.541.40%
2015$30,990.19-0.62%
2016$31,471.101.55%
2017$32,155.782.18%
2018$32,925.942.40%
2019$33,616.402.10%
2020$34,004.971.16%
2021$35,651.084.84%
2022$38,307.537.45%
2023$39,344.092.71%*

* 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 1987 * 1987 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 111.600 in the year 1987 and 292.720 in 2023:

292.720 / 111.600 * $15,000 = $39,344.09

Therefore, according to U.S. Bureau of Labor Statistics, $15,000 in 1987 has the same "purchasing power" as $39,344.09 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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