Minneapolis/St. Paul, Minnesota prices: $14.95 in 1988 → $38.25 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1988-2024 ($14.95)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 155.85% higher in 2024 versus 1988 (a $23.30 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, $14.95 in Minneapolis/St. Paul in the year 1988 would cost $38.25 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
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Buying power of $14.95 since 1988

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $14.95 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$14.955.02%
1989$15.564.10%
1990$16.204.10%
1991$16.632.68%
1992$17.223.53%
1993$17.763.11%
1994$18.323.16%
1995$18.752.37%
1996$19.383.33%
1997$19.822.30%
1998$20.191.87%
1999$20.833.16%
2000$21.704.16%
2001$22.513.76%
2002$22.911.76%
2003$23.311.73%
2004$23.972.85%
2005$24.632.77%
2006$25.031.61%
2007$25.672.57%
2008$26.653.83%
2009$26.52-0.51%
2010$27.011.85%
2011$27.983.59%
2012$28.632.33%
2013$29.191.94%
2014$29.601.40%
2015$29.41-0.62%
2016$29.871.55%
2017$30.522.18%
2018$31.252.40%
2019$31.902.10%
2020$32.271.16%
2021$33.834.84%
2022$36.367.45%
2023$37.342.71%
2024$38.252.44%*

* 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 * $14.95 = $38.25

Therefore, according to U.S. Bureau of Labor Statistics, $14.95 in 1988 has the same "purchasing power" as $38.25 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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