Minneapolis/St. Paul, Minnesota prices: $1,000,000 in 1988 → $2,558,464.16 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1988-2024 ($1,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 155.85% higher in 2024 versus 1988 (a $1,558,464.16 difference in value).

Between 1988 and 2024: Minneapolis/St. Paul experienced an average inflation rate of 2.64% per year. This rate of change indicates significant inflation. In other words, $1,000,000 in Minneapolis/St. Paul in the year 1988 would cost $2,558,464.16 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.75% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1988: Pricing changed by 5.02%, which is above the average yearly change in Minneapolis/St. Paul during the 1988-2024 time period. Compared to inflation for all items in 1988 (4.08%), 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
19851990199520002005201020152020-11357
Years with the largest changes in pricing: 2022 (7.45%), 1988 (5.02%), and 2021 (4.84%).
View price changes for other categories
Jewelry · New trucks · Televisions · Fresh fruits · More

Buying power of $1,000,000.00 since 1988

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $1,000,000 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$1,000,000.005.02%
1989$1,040,955.634.10%
1990$1,083,617.754.10%
1991$1,112,627.992.68%
1992$1,151,877.133.53%
1993$1,187,713.313.11%
1994$1,225,255.973.16%
1995$1,254,266.212.37%
1996$1,296,075.093.33%
1997$1,325,938.572.30%
1998$1,350,682.591.87%
1999$1,393,344.713.16%
2000$1,451,365.194.16%
2001$1,505,972.703.76%
2002$1,532,423.211.76%
2003$1,558,873.721.73%
2004$1,603,242.322.85%
2005$1,647,610.922.77%
2006$1,674,061.431.61%
2007$1,717,124.572.57%
2008$1,782,918.093.83%
2009$1,773,796.93-0.51%
2010$1,806,552.901.85%
2011$1,871,493.173.59%
2012$1,915,179.182.33%
2013$1,952,312.291.94%
2014$1,979,633.111.40%
2015$1,967,295.22-0.62%
2016$1,997,824.231.55%
2017$2,041,288.402.18%
2018$2,090,179.182.40%
2019$2,134,010.242.10%
2020$2,158,677.471.16%
2021$2,263,174.064.84%
2022$2,431,808.877.45%
2023$2,497,610.922.71%
2024$2,558,464.162.44%*

* 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:

Year19841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI103.100107.000108.400111.600117.200122.000127.000130.400135.000139.200143.600147.000151.900155.400158.300163.300170.100176.500179.600182.700187.900193.100196.200201.247208.958207.889211.728219.339224.459228.811232.013230.567234.145239.239244.969250.106252.997265.244285.008292.720299.852

Adjust Minneapolis/St. Paul prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1988 * 1988 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 117.200 in the year 1988 and 299.852 in 2024:

299.852 / 117.200 * $1,000,000 = $2,558,464.16

Therefore, according to U.S. Bureau of Labor Statistics, $1,000,000 in 1988 has the same "purchasing power" as $2,558,464.16 in 2024 (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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