Minneapolis/St. Paul, Minnesota prices: $40,000 in 1988 $102,338.57 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1988-2024 ($40,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 155.85% higher in 2024 versus 1988 (a $62,338.57 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, $40,000 in Minneapolis/St. Paul in the year 1988 would cost $102,338.57 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
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 $40,000.00 since 1988

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $40,000 beginning in 1988. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1988$40,000.005.02%
1989$41,638.234.10%
1990$43,344.714.10%
1991$44,505.122.68%
1992$46,075.093.53%
1993$47,508.533.11%
1994$49,010.243.16%
1995$50,170.652.37%
1996$51,843.003.33%
1997$53,037.542.30%
1998$54,027.301.87%
1999$55,733.793.16%
2000$58,054.614.16%
2001$60,238.913.76%
2002$61,296.931.76%
2003$62,354.951.73%
2004$64,129.692.85%
2005$65,904.442.77%
2006$66,962.461.61%
2007$68,684.982.57%
2008$71,316.723.83%
2009$70,951.88-0.51%
2010$72,262.121.85%
2011$74,859.733.59%
2012$76,607.172.33%
2013$78,092.491.94%
2014$79,185.321.40%
2015$78,691.81-0.62%
2016$79,912.971.55%
2017$81,651.542.18%
2018$83,607.172.40%
2019$85,360.412.10%
2020$86,347.101.16%
2021$90,526.964.84%
2022$97,272.357.45%
2023$99,904.442.71%
2024$102,338.572.44%*

* 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 * $40,000 = $102,338.57

Therefore, according to U.S. Bureau of Labor Statistics, $40,000 in 1988 has the same "purchasing power" as $102,338.57 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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