Minneapolis/St. Paul, Minnesota prices: $20 in 1989 $47.99 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1989-2023 ($20)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 139.93% higher in 2023 versus 1989 (a $27.99 difference in value).

Between 1989 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 2.61% per year. This rate of change indicates significant inflation. In other words, $20 in Minneapolis/St. Paul in the year 1989 would cost $47.99 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.68% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1989: Pricing changed by 4.10%, which is above the average yearly change in Minneapolis/St. Paul during the 1989-2023 time period. Compared to inflation for all items in 1989 (4.83%), 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 $20.00 since 1989

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $20 beginning in 1989. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1989$20.004.10%
1990$20.824.10%
1991$21.382.68%
1992$22.133.53%
1993$22.823.11%
1994$23.543.16%
1995$24.102.37%
1996$24.903.33%
1997$25.482.30%
1998$25.951.87%
1999$26.773.16%
2000$27.894.16%
2001$28.933.76%
2002$29.441.76%
2003$29.951.73%
2004$30.802.85%
2005$31.662.77%
2006$32.161.61%
2007$32.992.57%
2008$34.263.83%
2009$34.08-0.51%
2010$34.711.85%
2011$35.963.59%
2012$36.802.33%
2013$37.511.94%
2014$38.031.40%
2015$37.80-0.62%
2016$38.381.55%
2017$39.222.18%
2018$40.162.40%
2019$41.002.10%
2020$41.471.16%
2021$43.484.84%
2022$46.727.45%
2023$47.992.71%*

* 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 1989 * 1989 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 122.000 in the year 1989 and 292.720 in 2023:

292.720 / 122.000 * $20 = $47.99

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 1989 has the same "purchasing power" as $47.99 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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