Minneapolis/St. Paul, Minnesota prices: $19,000,000 in 1994 $38,730,362.12 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1994-2023 ($19,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 103.84% higher in 2023 versus 1994 (a $19,730,362.12 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, $19,000,000 in Minneapolis/St. Paul in the year 1994 would cost $38,730,362.12 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%).

View price changes for other categories
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Buying power of $19,000,000.00 since 1994

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $19,000,000 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1994$19,000,000.003.16%
1995$19,449,860.722.37%
1996$20,098,189.423.33%
1997$20,561,281.342.30%
1998$20,944,986.071.87%
1999$21,606,545.963.16%
2000$22,506,267.414.16%
2001$23,353,064.073.76%
2002$23,763,231.201.76%
2003$24,173,398.331.73%
2004$24,861,420.612.85%
2005$25,549,442.902.77%
2006$25,959,610.031.61%
2007$26,627,388.582.57%
2008$27,647,646.243.83%
2009$27,506,204.74-0.51%
2010$28,014,150.421.85%
2011$29,021,176.883.59%
2012$29,698,614.212.33%
2013$30,274,435.931.94%
2014$30,698,098.891.40%
2015$30,506,775.77-0.62%
2016$30,980,188.021.55%
2017$31,654,185.242.18%
2018$32,412,332.872.40%
2019$33,092,019.502.10%
2020$33,474,533.431.16%
2021$35,094,958.224.84%
2022$37,709,972.147.45%
2023$38,730,362.122.71%*

* 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 * $19,000,000 = $38,730,362.12

Therefore, according to U.S. Bureau of Labor Statistics, $19,000,000 in 1994 has the same "purchasing power" as $38,730,362.12 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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