Minneapolis/St. Paul, Minnesota prices: $7,000,000 in 1998 → $13,259,406.19 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 1998-2024 ($7,000,000)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 89.42% higher in 2024 versus 1998 (a $6,259,406.19 difference in value).

Between 1998 and 2024: Minneapolis/St. Paul experienced an average inflation rate of 2.49% per year. This rate of change indicates significant inflation. In other words, $7,000,000 in Minneapolis/St. Paul in the year 1998 would cost $13,259,406.19 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.55% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 1998: Pricing changed by 1.87%, which is below the average yearly change in Minneapolis/St. Paul during the 1998-2024 time period. Compared to inflation for all items in 1998 (1.55%), 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 $7,000,000.00 since 1998

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $7,000,000 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1998$7,000,000.001.87%
1999$7,221,099.183.16%
2000$7,521,794.064.16%
2001$7,804,801.013.76%
2002$7,941,882.501.76%
2003$8,078,963.991.73%
2004$8,308,907.142.85%
2005$8,538,850.282.77%
2006$8,675,931.781.61%
2007$8,899,109.292.57%
2008$9,240,088.443.83%
2009$9,192,817.44-0.51%
2010$9,362,577.381.85%
2011$9,699,134.553.59%
2012$9,925,540.112.33%
2013$10,117,984.841.94%
2014$10,259,576.751.40%
2015$10,195,634.87-0.62%
2016$10,353,853.441.55%
2017$10,579,109.292.18%
2018$10,832,488.952.40%
2019$11,059,646.242.10%
2020$11,187,485.791.16%
2021$11,729,046.114.84%
2022$12,603,006.957.45%
2023$12,944,030.322.71%
2024$13,259,406.192.44%*

* 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 1998 * 1998 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 158.300 in the year 1998 and 299.852 in 2024:

299.852 / 158.300 * $7,000,000 = $13,259,406.19

Therefore, according to U.S. Bureau of Labor Statistics, $7,000,000 in 1998 has the same "purchasing power" as $13,259,406.19 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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