Minneapolis/St. Paul, Minnesota prices: $38,500 in 2005 → $59,784.06 in 2024

Inflation in Minnesota

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Prices in Minneapolis/st. Paul, 2005-2024 ($38,500)

According to the U.S. Bureau of Labor Statistics, prices in Minneapolis-St Paul, Minnesota are 55.28% higher in 2024 versus 2005 (a $21,284.06 difference in value).

Between 2005 and 2024: Minneapolis/St. Paul experienced an average inflation rate of 2.34% per year. This rate of change indicates significant inflation. In other words, $38,500 in Minneapolis/St. Paul in the year 2005 would cost $59,784.06 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.53% during this same period, inflation in Minneapolis/St. Paul was lower.

In the year 2005: Pricing changed by 2.77%, which is above the average yearly change in Minneapolis/St. Paul during the 2005-2024 time period. Compared to inflation for all items in 2005 (3.39%), inflation in Minneapolis/St. Paul was lower.

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
Medical care · Financial services · New cars · Bananas · More

Buying power of $38,500.00 since 2005

Below are calculations of equivalent buying power in Minneapolis/St. Paul, over time, for $38,500 beginning in 2005. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
2005$38,500.002.77%
2006$39,118.071.61%
2007$40,124.342.57%
2008$41,661.753.83%
2009$41,448.61-0.51%
2010$42,214.021.85%
2011$43,731.493.59%
2012$44,752.312.33%
2013$45,620.011.94%
2014$46,258.421.40%
2015$45,970.12-0.62%
2016$46,683.491.55%
2017$47,699.132.18%
2018$48,841.572.40%
2019$49,865.772.10%
2020$50,442.181.16%
2021$52,883.974.84%
2022$56,824.487.45%
2023$58,362.092.71%
2024$59,784.062.44%*

* 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 2005 * 2005 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Minneapolis-St Paul, Minnesota was 193.100 in the year 2005 and 299.852 in 2024:

299.852 / 193.100 * $38,500 = $59,784.06

Therefore, according to U.S. Bureau of Labor Statistics, $38,500 in 2005 has the same "purchasing power" as $59,784.06 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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