Minneapolis/St. Paul, Minnesota prices: $1.31 in 1998 $2.42 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1998-2023 ($1.31)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 84.91% higher in 2023 versus 1998 (a $1.11 difference in value).

Between 1998 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, $1.31 in Minneapolis/St. Paul in the year 1998 would cost $2.42 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1998: Pricing changed by 1.87%, which is below the average yearly change in Minneapolis/St. Paul during the 1998-2023 time period. Compared to inflation for all items in 1998 (1.55%), 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 $1.31 since 1998

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $1.31 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1998$1.311.87%
1999$1.353.16%
2000$1.414.16%
2001$1.463.76%
2002$1.491.76%
2003$1.511.73%
2004$1.552.85%
2005$1.602.77%
2006$1.621.61%
2007$1.672.57%
2008$1.733.83%
2009$1.72-0.51%
2010$1.751.85%
2011$1.823.59%
2012$1.862.33%
2013$1.891.94%
2014$1.921.40%
2015$1.91-0.62%
2016$1.941.55%
2017$1.982.18%
2018$2.032.40%
2019$2.072.10%
2020$2.091.16%
2021$2.204.84%
2022$2.367.45%
2023$2.422.71%*

* 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 1998 * 1998 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 158.300 in the year 1998 and 292.720 in 2023:

292.720 / 158.300 * $1.31 = $2.42

Therefore, according to U.S. Bureau of Labor Statistics, $1.31 in 1998 has the same "purchasing power" as $2.42 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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