Medical care commodities priced at $7,000,000 in 1972 $54,183,534.09 in 2016

Medical Care Commodities Inflation Calculator

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Prices for Medical Care Commodities, 1972-2016 ($7,000,000)

According to the U.S. Bureau of Labor Statistics, prices for medical care commodities were 674.05% higher in 2016 versus 1972 (a $47,183,534.09 difference in value).

Between 1972 and 2016: Medical care commodities experienced an average inflation rate of 4.76% per year. This rate of change indicates significant inflation. In other words, medical care commodities costing $7,000,000 in the year 1972 would cost $54,183,534.09 in 2016 for an equivalent purchase. Compared to the overall inflation rate of 4.05% during this same period, inflation for medical care commodities was higher.

In the year 1972: Pricing changed by 0.23%, which is significantly below the average yearly change for medical care commodities during the 1972-2016 time period. Compared to inflation for all items in 1972 (3.27%), inflation for medical care commodities was much lower.

Price Inflation for Medical care commodities since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1981 (10.92%), 1982 (10.29%), and 1980 (9.34%).

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Buying power of $7,000,000.00 since 1972

Below are calculations of equivalent buying power for Medical care commodities, over time, for $7,000,000 beginning in 1972. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1972$7,000,000.000.23%
1973$7,019,318.180.28%
1974$7,263,636.363.48%
1975$7,873,863.648.40%
1976$8,350,000.006.05%
1977$8,888,636.366.45%
1978$9,513,636.367.03%
1979$10,192,045.457.13%
1980$11,144,318.189.34%
1981$12,361,363.6410.92%
1982$13,632,954.5510.29%
1983$14,798,863.648.55%
1984$15,884,090.917.33%
1985$17,013,636.367.11%
1986$18,132,954.556.58%
1987$19,345,454.556.69%
1988$20,672,727.276.86%
1989$22,277,272.737.76%
1990$24,138,636.368.36%
1991$26,112,500.008.18%
1992$27,780,681.826.39%
1993$28,803,409.093.68%
1994$29,648,863.642.94%
1995$30,205,681.821.88%
1996$31,078,409.092.89%
1997$31,801,136.362.33%
1998$32,769,318.183.04%
1999$34,080,681.824.00%
2000$35,178,409.093.22%
2001$36,575,000.003.97%
2002$37,879,545.453.57%
2003$38,826,136.362.50%
2004$39,778,409.092.45%
2005$40,773,863.642.50%
2006$42,234,090.913.58%
2007$42,840,693.181.44%
2008$43,733,965.912.09%
2009$45,072,727.273.06%
2010$46,492,238.643.15%
2011$47,876,829.552.98%
2012$49,283,113.642.94%
2013$49,504,795.450.45%
2014$50,732,750.002.48%
2015$52,387,715.913.26%
2016$54,183,534.093.43%
2017$55,698,727.272.80%
2018$56,347,227.271.16%
2019$56,326,693.18-0.04%
2020$56,603,215.910.49%
2021$55,701,568.18-1.59%
2022$57,334,284.092.93%
2023$59,727,522.734.17%
2024$60,281,960.230.93%*

* 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 Medical care commodities:

Year193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI31.70031.60031.80032.00031.90031.80032.00032.80033.00033.30033.60034.20037.00038.68039.20039.76040.88041.20041.60042.04042.54043.46044.70046.18046.84046.86046.32045.54045.18045.10044.97545.10044.91544.97745.43146.45447.27747.38547.51549.16953.30056.52360.16964.40068.99275.43883.67792.285100.177107.523115.169122.746130.954139.938150.800163.400176.762188.054194.977200.700204.469210.377215.269221.823230.700238.131247.585256.415262.823269.269276.008285.892289.999296.045305.108314.717324.089333.609335.109343.422354.625366.781377.038381.427381.288383.160377.057388.109404.309408.063

Adjust medical care commodities prices for inflation

Start with the inflation rate formula:

CPI in 2016 / CPI in 1972 * 1972 USD value = 2016 USD value

Then plug in historical CPI values from above. The CPI for Medical care commodities was 47.385 in the year 1972 and 366.781 in 2016:

366.781 / 47.385 * $7,000,000 = $54,183,534.09

Therefore, according to U.S. Bureau of Labor Statistics, $7,000,000 in 1972 has the same "purchasing power" as $54,183,534.09 in 2016 (in the CPI category of Medical care commodities).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Medical care commodities in 1935. In addition to medical care commodities, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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