Minneapolis/St. Paul, Minnesota prices: $500 in 2003 $801.09 in 2023

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 2003-2023 ($500)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 60.22% higher in 2023 versus 2003 (a $301.09 difference in value).

Between 2003 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 2.38% per year. This rate of change indicates significant inflation. In other words, $500 in Minneapolis/St. Paul in the year 2003 would cost $801.09 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.56% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 2003: Pricing changed by 1.73%, which is below the average yearly change in Minneapolis/St. Paul during the 2003-2023 time period. Compared to inflation for all items in 2003 (2.27%), 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 $500.00 since 2003

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $500 beginning in 2003. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2003$500.001.73%
2004$514.232.85%
2005$528.462.77%
2006$536.951.61%
2007$550.762.57%
2008$571.863.83%
2009$568.94-0.51%
2010$579.441.85%
2011$600.273.59%
2012$614.282.33%
2013$626.191.94%
2014$634.961.40%
2015$631.00-0.62%
2016$640.791.55%
2017$654.732.18%
2018$670.412.40%
2019$684.472.10%
2020$692.381.16%
2021$725.904.84%
2022$779.997.45%
2023$801.092.71%*

* 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 2003 * 2003 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 182.700 in the year 2003 and 292.720 in 2023:

292.720 / 182.700 * $500 = $801.09

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 2003 has the same "purchasing power" as $801.09 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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