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.
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:
Year | USD Value | Inflation Rate |
---|---|---|
1972 | $7,000,000.00 | 0.23% |
1973 | $7,019,318.18 | 0.28% |
1974 | $7,263,636.36 | 3.48% |
1975 | $7,873,863.64 | 8.40% |
1976 | $8,350,000.00 | 6.05% |
1977 | $8,888,636.36 | 6.45% |
1978 | $9,513,636.36 | 7.03% |
1979 | $10,192,045.45 | 7.13% |
1980 | $11,144,318.18 | 9.34% |
1981 | $12,361,363.64 | 10.92% |
1982 | $13,632,954.55 | 10.29% |
1983 | $14,798,863.64 | 8.55% |
1984 | $15,884,090.91 | 7.33% |
1985 | $17,013,636.36 | 7.11% |
1986 | $18,132,954.55 | 6.58% |
1987 | $19,345,454.55 | 6.69% |
1988 | $20,672,727.27 | 6.86% |
1989 | $22,277,272.73 | 7.76% |
1990 | $24,138,636.36 | 8.36% |
1991 | $26,112,500.00 | 8.18% |
1992 | $27,780,681.82 | 6.39% |
1993 | $28,803,409.09 | 3.68% |
1994 | $29,648,863.64 | 2.94% |
1995 | $30,205,681.82 | 1.88% |
1996 | $31,078,409.09 | 2.89% |
1997 | $31,801,136.36 | 2.33% |
1998 | $32,769,318.18 | 3.04% |
1999 | $34,080,681.82 | 4.00% |
2000 | $35,178,409.09 | 3.22% |
2001 | $36,575,000.00 | 3.97% |
2002 | $37,879,545.45 | 3.57% |
2003 | $38,826,136.36 | 2.50% |
2004 | $39,778,409.09 | 2.45% |
2005 | $40,773,863.64 | 2.50% |
2006 | $42,234,090.91 | 3.58% |
2007 | $42,840,693.18 | 1.44% |
2008 | $43,733,965.91 | 2.09% |
2009 | $45,072,727.27 | 3.06% |
2010 | $46,492,238.64 | 3.15% |
2011 | $47,876,829.55 | 2.98% |
2012 | $49,283,113.64 | 2.94% |
2013 | $49,504,795.45 | 0.45% |
2014 | $50,732,750.00 | 2.48% |
2015 | $52,387,715.91 | 3.26% |
2016 | $54,183,534.09 | 3.43% |
2017 | $55,698,727.27 | 2.80% |
2018 | $56,347,227.27 | 1.16% |
2019 | $56,326,693.18 | -0.04% |
2020 | $56,603,215.91 | 0.49% |
2021 | $55,701,568.18 | -1.59% |
2022 | $57,334,284.09 | 2.93% |
2023 | $59,727,522.73 | 4.17% |
2024 | $60,281,960.23 | 0.93%* |
* 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:
Year | 1935 | 1936 | 1937 | 1938 | 1939 | 1940 | 1941 | 1942 | 1943 | 1944 | 1945 | 1946 | 1947 | 1948 | 1949 | 1950 | 1951 | 1952 | 1953 | 1954 | 1955 | 1956 | 1957 | 1958 | 1959 | 1960 | 1961 | 1962 | 1963 | 1964 | 1965 | 1966 | 1967 | 1968 | 1969 | 1970 | 1971 | 1972 | 1973 | 1974 | 1975 | 1976 | 1977 | 1978 | 1979 | 1980 | 1981 | 1982 | 1983 | 1984 | 1985 | 1986 | 1987 | 1988 | 1989 | 1990 | 1991 | 1992 | 1993 | 1994 | 1995 | 1996 | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
CPI | 31.700 | 31.600 | 31.800 | 32.000 | 31.900 | 31.800 | 32.000 | 32.800 | 33.000 | 33.300 | 33.600 | 34.200 | 37.000 | 38.680 | 39.200 | 39.760 | 40.880 | 41.200 | 41.600 | 42.040 | 42.540 | 43.460 | 44.700 | 46.180 | 46.840 | 46.860 | 46.320 | 45.540 | 45.180 | 45.100 | 44.975 | 45.100 | 44.915 | 44.977 | 45.431 | 46.454 | 47.277 | 47.385 | 47.515 | 49.169 | 53.300 | 56.523 | 60.169 | 64.400 | 68.992 | 75.438 | 83.677 | 92.285 | 100.177 | 107.523 | 115.169 | 122.746 | 130.954 | 139.938 | 150.800 | 163.400 | 176.762 | 188.054 | 194.977 | 200.700 | 204.469 | 210.377 | 215.269 | 221.823 | 230.700 | 238.131 | 247.585 | 256.415 | 262.823 | 269.269 | 276.008 | 285.892 | 289.999 | 296.045 | 305.108 | 314.717 | 324.089 | 333.609 | 335.109 | 343.422 | 354.625 | 366.781 | 377.038 | 381.427 | 381.288 | 383.160 | 377.057 | 388.109 | 404.309 | 408.063 |