Gasoline prices averaged $3.407 a gallon in the Minneapolis-St. Paul-Bloomington area in August 2024, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that area gasoline prices were down 44.0 cents compared to last August when they averaged $3.847 per gallon. Minneapolis area households paid an average of 20.2 cents per kilowatt hour (kWh) of electricity in August 2024, up from 19.2 cents per kWh in August 2023. The average cost of utility (piped) gas at $1.060 per therm in August was up from $1.032 per therm a year earlier. (Data in this release are not seasonally adjusted; accordingly, over-the-year-analysis is used throughout.)

At $3.407 a gallon, costs for gasoline in the Minneapolis area were 24.1 cents, or 6.6 percent, below the national average of $3.648 a gallon in August 2024. Last August, gasoline costs in Minneapolis were 21.7 cents lower than the nation. Over the past five Augusts, gasoline prices in the Minneapolis area have ranged from $4.039 to $1.973. (See chart 1.)

The 20.2 cents per kWh that Minneapolis households paid for electricity in August 2024 was 2.5 cents higher than the nationwide average cost of 17.7 cents per kWh. Last August, electricity costs in Minneapolis were 19.2 cents per kWh, compared to the national average of 17.0 cents. Over the past five Augusts, Minneapolis area electricity prices have exceeded the U.S. average by 12.9 percent or more. (See chart 2.)

Prices paid by Minneapolis area consumers for utility (piped) gas, commonly referred to as natural gas, were $1.060 per therm in August 2024, 24.3 percent below the national average of $1.401 per therm. Utility (piped) gas prices in the Minneapolis area have ranged from $1.696 to 72.6 cents over the previous five Augusts. (See chart 3.)

The Minneapolis-St. Paul-Bloomington, MN-WI Core Based Statistical Area consists of Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota; and Pierce and St. Croix Counties in Wisconsin.

The Consumer Price Index for September 2024 is scheduled to be released on Thursday, October 10, 2024, at 7:30 a.m. (CT).

Technical Note

Average prices are estimated from Consumer Price Index (CPI) data for selected commodity series to support the research and analytic needs of CPI data users. Average prices for electricity, utility (piped) gas, and gasoline are published monthly for the U.S. city average, the 4 regions, 9 divisions, 2 population size classes, 8 region/size-class cross-classifications, and the 23 largest local index areas. For electricity, average prices per kilowatt-hour (kWh) are published. For utility (piped) gas, average prices per therm are published. For gasoline, the average price per gallon is published. Average prices for commonly available grades of gasoline are published as well as the average price across all grades.

All eligible prices are converted to a price per normalized quantity. These prices are then used to estimate a price for a defined fixed quantity. The average price per kilowatt-hour represents the total bill divided by the kilowatt-hour usage. The total bill is the sum of all items applicable to all consumers appearing on an electricity bill including, but not limited to, variable rates per kWh, fixed costs, taxes, surcharges, and credits. This calculation also applies to the average price per therm for utility (piped) gas.

Information in this release will be made available to sensory impaired individuals upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.

Table 1. Average prices for gasoline, electricity, and utility (piped) gas, the United States and Minneapolis-St.Paul-Bloomington, MN-WI, August 2023–August 2024, not seasonally adjusted

Year and month	Gasoline per gallon		Electricity per kWh		Utility (piped) gas per therm
	United States	Minneapolis area	United States	Minneapolis area	United States	Minneapolis area
2023
August	$4.064	$3.847	$0.170	$0.192	$1.402	$1.032
September	4.107	3.934	0.171	0.183	1.377	1.002
October	3.910	3.597	0.169	0.176	1.388	–
November	3.623	3.307	0.168	0.170	1.442	0.929
December	3.411	3.021	0.169	0.170	1.429	0.995
2024
January	3.353	2.914	0.173	0.174	1.452	1.073
February	3.486	3.124	0.173	0.177	1.465	1.111
March	3.707	3.349	0.174	0.180	1.429	0.941
April	3.907	3.379	0.173	0.180	1.375	0.898
May	3.885	3.360	0.175	0.184	1.369	1.019
June	3.729	3.342	0.178	0.202	1.407	1.077
July	3.747	3.450	0.178	0.203	1.408	1.113
August	3.648	3.407	0.177	0.202	1.401	1.060
Note: Dash (–) indicates no data available.