Minneapolis/St. Paul, Minnesota prices: $6,500 in 1988 $16,234.47 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1988-2023 ($6,500)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 149.76% higher in 2023 versus 1988 (a $9,734.47 difference in value).

Between 1988 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 2.65% per year. This rate of change indicates significant inflation. In other words, $6,500 in Minneapolis/St. Paul in the year 1988 would cost $16,234.47 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.74% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1988: Pricing changed by 5.02%, which is above the average yearly change in Minneapolis/St. Paul during the 1988-2023 time period. Compared to inflation for all items in 1988 (4.08%), 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%).

View price changes for other categories
Minneapolis-St Paul, Minnesota · Airline fares · Gasoline (all types) · Fish and seafood · More

Buying power of $6,500.00 since 1988

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $6,500 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$6,500.005.02%
1989$6,766.214.10%
1990$7,043.524.10%
1991$7,232.082.68%
1992$7,487.203.53%
1993$7,720.143.11%
1994$7,964.163.16%
1995$8,152.732.37%
1996$8,424.493.33%
1997$8,618.602.30%
1998$8,779.441.87%
1999$9,056.743.16%
2000$9,433.874.16%
2001$9,788.823.76%
2002$9,960.751.76%
2003$10,132.681.73%
2004$10,421.082.85%
2005$10,709.472.77%
2006$10,881.401.61%
2007$11,161.312.57%
2008$11,588.973.83%
2009$11,529.68-0.51%
2010$11,742.591.85%
2011$12,164.713.59%
2012$12,448.662.33%
2013$12,690.031.94%
2014$12,867.621.40%
2015$12,787.42-0.62%
2016$12,985.861.55%
2017$13,268.372.18%
2018$13,586.162.40%
2019$13,871.072.10%
2020$14,031.401.16%
2021$14,710.634.84%
2022$15,806.767.45%
2023$16,234.472.71%*

* 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 1988 * 1988 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 117.200 in the year 1988 and 292.720 in 2023:

292.720 / 117.200 * $6,500 = $16,234.47

Therefore, according to U.S. Bureau of Labor Statistics, $6,500 in 1988 has the same "purchasing power" as $16,234.47 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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