Minneapolis/St. Paul, Minnesota prices: $21.72 in 2020 $25.13 in 2023

Inflation in Minnesota

$

Prices in Minneapolis/st. Paul, 2020-2023 ($21.72)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 15.70% higher in 2023 versus 2020 (a $3.41 difference in value).

Between 2020 and 2023: Minneapolis/St. Paul experienced an average inflation rate of 4.98% per year. This rate of change indicates significant inflation. In other words, $21.72 in Minneapolis/St. Paul in the year 2020 would cost $25.13 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 5.59% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 2020: Pricing changed by 1.16%, which is significantly below the average yearly change in Minneapolis/St. Paul during the 2020-2023 time period. Compared to inflation for all items in 2020 (1.23%), 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
Tampa, Florida · Fresh fruits · St Louis, Missouri · Milk · More

Buying power of $21.72 since 2020

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $21.72 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2020$21.721.16%
2021$22.774.84%
2022$24.477.45%
2023$25.132.71%*

* 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 2020 * 2020 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 252.997 in the year 2020 and 292.720 in 2023:

292.720 / 252.997 * $21.72 = $25.13

Therefore, according to U.S. Bureau of Labor Statistics, $21.72 in 2020 has the same "purchasing power" as $25.13 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.