Inflation In MN: How Much More Is Food, Gas Costing Residents?

TWIN CITIES, MN — Americans are feeling the pinch as consumer prices jumped 6.2 percent in October over a 12-month period, the highest such increase since 1990.

Data released this month by the Bureau of Labor Statistics show gas prices nationwide have surged nearly 50 percent, food prices are up 5.2 percent over the past year, and demand for used cars and trucks has pushed up prices 26.4 percent.

However, the price increases vary by region. The most recently available data show how much more consumers in the Twin Cities metro area are paying for goods and services.

SEE ALSO: Why Is U.S. Inflation So High, And When Will It Ease? Explainer

Here’s a look at how prices stood in September in the Twin Cities metro area:

Overall, prices were up 5.4 percent in the Twin Cities metro area over the 12-month period ending in September. Here’s a breakdown of how much more residents are paying for everyday items:

Food and beverages

Overall, food prices are 5.6 percent higher compared to September 2020.

Prices for meats, poultry, fish, and eggs are up 13.7 percent and prices for dairy products like milk are up 12.7 percent.

Gas

Prices are up nearly 45.6 percent and overall prices for both new and used cars are up 18.5 percent, however, used cars have seen a bigger jump with prices up 24.3 percent.

Housing

Overall, prices are up 4.5 percent while rents are up 2.4 percent.

Consumer price inflation will likely endure as long as companies struggle to keep up with consumers’ prodigious demand for goods and services. A resurgent job market — employers have added 5.8 million jobs this year — means that Americans can continue to splurge on everything from lawn furniture to new cars. And the supply chain bottlenecks show no sign of clearing.

Find more stats on inflation in Minnesota here.

Reporting and writing from The Associated Press was used in this report.