Minneapolis/St. Paul price inflation, 1994→2023

Inflation in Minnesota

Prices in Minneapolis/st. Paul, 1994-2023 ($480,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 103.84% higher in 2023 versus 1994 (a $498,451.25 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, $480,000 in Minneapolis/St. Paul in the year 1994 would cost $978,451.25 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%).

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Buying power of $480,000.00 since 1994

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $480,000 beginning in 1994. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
1994	$480,000.00	3.16%
1995	$491,364.90	2.37%
1996	$507,743.73	3.33%
1997	$519,442.90	2.30%
1998	$529,136.49	1.87%
1999	$545,849.58	3.16%
2000	$568,579.39	4.16%
2001	$589,972.14	3.76%
2002	$600,334.26	1.76%
2003	$610,696.38	1.73%
2004	$628,077.99	2.85%
2005	$645,459.61	2.77%
2006	$655,821.73	1.61%
2007	$672,691.92	2.57%
2008	$698,466.85	3.83%
2009	$694,893.59	-0.51%
2010	$707,725.91	1.85%
2011	$733,166.57	3.59%
2012	$750,280.78	2.33%
2013	$764,827.86	1.94%
2014	$775,530.92	1.40%
2015	$770,697.49	-0.62%
2016	$782,657.38	1.55%
2017	$799,684.68	2.18%
2018	$818,837.88	2.40%
2019	$836,008.91	2.10%
2020	$845,672.42	1.16%
2021	$886,609.47	4.84%
2022	$952,672.98	7.45%
2023	$978,451.25	2.71%*

* 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:

Year	1984	1985	1986	1987	1988	1989	1990	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
CPI	103.100	107.000	108.400	111.600	117.200	122.000	127.000	130.400	135.000	139.200	143.600	147.000	151.900	155.400	158.300	163.300	170.100	176.500	179.600	182.700	187.900	193.100	196.200	201.247	208.958	207.889	211.728	219.339	224.459	228.811	232.013	230.567	234.145	239.239	244.969	250.106	252.997	265.244	285.008	292.720

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 * $480,000 = $978,451.25

Therefore, according to U.S. Bureau of Labor Statistics, $480,000 in 1994 has the same "purchasing power" as $978,451.25 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.