Minneapolis/St. Paul, Minnesota prices: $1,000,000 in 1996 → $1,974,009.22 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1996-2024 ($1,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 97.40% higher in 2024 versus 1996 (a $974,009.22 difference in value).

Between 1996 and 2024: Minneapolis/St. Paul experienced an average inflation rate of 2.46% per year. This rate of change indicates significant inflation. In other words, $1,000,000 in Minneapolis/St. Paul in the year 1996 would cost $1,974,009.22 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.51% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1996: Pricing changed by 3.33%, which is above the average yearly change in Minneapolis/St. Paul during the 1996-2024 time period. Compared to inflation for all items in 1996 (2.93%), 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 $1,000,000.00 since 1996

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $1,000,000 beginning in 1996. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1996$1,000,000.003.33%
1997$1,023,041.472.30%
1998$1,042,132.981.87%
1999$1,075,049.373.16%
2000$1,119,815.674.16%
2001$1,161,948.653.76%
2002$1,182,356.811.76%
2003$1,202,764.981.73%
2004$1,236,998.032.85%
2005$1,271,231.072.77%
2006$1,291,639.241.61%
2007$1,324,865.042.57%
2008$1,375,628.703.83%
2009$1,368,591.18-0.51%
2010$1,393,864.381.85%
2011$1,443,969.723.59%
2012$1,477,676.102.33%
2013$1,506,326.531.94%
2014$1,527,406.191.40%
2015$1,517,886.77-0.62%
2016$1,541,441.741.55%
2017$1,574,976.962.18%
2018$1,612,699.142.40%
2019$1,646,517.452.10%
2020$1,665,549.701.16%
2021$1,746,175.124.84%
2022$1,876,287.037.45%
2023$1,927,057.272.71%
2024$1,974,009.222.44%*

* 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 1996 * 1996 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 151.900 in the year 1996 and 299.852 in 2024:

299.852 / 151.900 * $1,000,000 = $1,974,009.22

Therefore, according to U.S. Bureau of Labor Statistics, $1,000,000 in 1996 has the same "purchasing power" as $1,974,009.22 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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