Minneapolis/St. Paul, Minnesota prices: $8,157 in 1988 $20,373.01 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1988-2023 ($8,157)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 149.76% higher in 2023 versus 1988 (a $12,216.01 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, $8,157 in Minneapolis/St. Paul in the year 1988 would cost $20,373.01 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
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Buying power of $8,157.00 since 1988

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $8,157 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$8,157.005.02%
1989$8,491.084.10%
1990$8,839.074.10%
1991$9,075.712.68%
1992$9,395.863.53%
1993$9,688.183.11%
1994$9,994.413.16%
1995$10,231.052.37%
1996$10,572.083.33%
1997$10,815.682.30%
1998$11,017.521.87%
1999$11,365.513.16%
2000$11,838.794.16%
2001$12,284.223.76%
2002$12,499.981.76%
2003$12,715.731.73%
2004$13,077.652.85%
2005$13,439.562.77%
2006$13,655.321.61%
2007$14,006.592.57%
2008$14,543.263.83%
2009$14,468.86-0.51%
2010$14,736.051.85%
2011$15,265.773.59%
2012$15,622.122.33%
2013$15,925.011.94%
2014$16,147.871.40%
2015$16,047.23-0.62%
2016$16,296.251.55%
2017$16,650.792.18%
2018$17,049.592.40%
2019$17,407.122.10%
2020$17,608.331.16%
2021$18,460.714.84%
2022$19,836.267.45%
2023$20,373.012.71%*

* 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 * $8,157 = $20,373.01

Therefore, according to U.S. Bureau of Labor Statistics, $8,157 in 1988 has the same "purchasing power" as $20,373.01 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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