Minneapolis/St. Paul, Minnesota prices: $20,000 in 1994 $40,768.80 in 2023

Inflation in Minnesota

$

Prices in Minneapolis/st. Paul, 1994-2023 ($20,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 103.84% higher in 2023 versus 1994 (a $20,768.80 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, $20,000 in Minneapolis/St. Paul in the year 1994 would cost $40,768.80 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
Educational books and supplies · Televisions · Fresh fruits · Denver, Colorado · More

Buying power of $20,000.00 since 1994

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $20,000 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1994$20,000.003.16%
1995$20,473.542.37%
1996$21,155.993.33%
1997$21,643.452.30%
1998$22,047.351.87%
1999$22,743.733.16%
2000$23,690.814.16%
2001$24,582.173.76%
2002$25,013.931.76%
2003$25,445.681.73%
2004$26,169.922.85%
2005$26,894.152.77%
2006$27,325.911.61%
2007$28,028.832.57%
2008$29,102.793.83%
2009$28,953.90-0.51%
2010$29,488.581.85%
2011$30,548.613.59%
2012$31,261.702.33%
2013$31,867.831.94%
2014$32,313.791.40%
2015$32,112.40-0.62%
2016$32,610.721.55%
2017$33,320.192.18%
2018$34,118.252.40%
2019$34,833.702.10%
2020$35,236.351.16%
2021$36,942.064.84%
2022$39,694.717.45%
2023$40,768.802.71%*

* 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 * $20,000 = $40,768.80

Therefore, according to U.S. Bureau of Labor Statistics, $20,000 in 1994 has the same "purchasing power" as $40,768.80 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.

» Read more about inflation and investment.