According to the U.S. Bureau of Labor Statistics, prices for medical care are 2,851.86% higher in 2024 versus 1956 (a $12,120,406,360,184.43 difference in value).
Between 1956 and 2024: Medical care experienced an average inflation rate of 5.10% per year. This rate of change indicates significant inflation. In other words, medical care costing $425,000,000,000 in the year 1956 would cost $12,545,406,360,184.43 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.65% during this same period, inflation for medical care was higher.
In the year 1956: Pricing changed by 3.67%, which is below the average yearly change for medical care during the 1956-2024 time period. Compared to inflation for all items in 1956 (1.52%), inflation for medical care was higher.
Below are calculations of equivalent buying power for Medical care, over time, for $425,000,000,000 beginning in 1956. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1956 | $425,000,000,000.00 | 3.67% |
1957 | $442,463,384,865.74 | 4.11% |
1958 | $463,557,770,545.16 | 4.77% |
1959 | $483,096,013,018.71 | 4.21% |
1960 | $500,213,588,283.16 | 3.54% |
1961 | $515,256,305,939.79 | 3.01% |
1962 | $528,915,785,191.21 | 2.65% |
1963 | $541,537,835,638.73 | 2.39% |
1964 | $552,603,742,880.39 | 2.04% |
1965 | $566,090,317,331.16 | 2.44% |
1966 | $591,161,513,425.55 | 4.43% |
1967 | $632,831,570,382.42 | 7.05% |
1968 | $671,216,436,126.93 | 6.07% |
1969 | $717,554,922,701.38 | 6.90% |
1970 | $763,201,790,073.23 | 6.36% |
1971 | $812,479,658,258.75 | 6.46% |
1972 | $838,761,187,957.69 | 3.23% |
1973 | $871,267,290,480.07 | 3.88% |
1974 | $952,359,641,985.35 | 9.31% |
1975 | $1,067,168,429,617.58 | 12.06% |
1976 | $1,168,663,547,599.67 | 9.51% |
1977 | $1,280,360,048,820.18 | 9.56% |
1978 | $1,388,425,549,227.01 | 8.44% |
1979 | $1,516,893,816,110.66 | 9.25% |
1980 | $1,683,055,329,536.21 | 10.95% |
1981 | $1,863,913,751,017.09 | 10.75% |
1982 | $2,080,217,656,631.41 | 11.60% |
1983 | $2,261,076,078,112.29 | 8.69% |
1984 | $2,401,820,585,842.15 | 6.22% |
1985 | $2,551,556,143,205.86 | 6.23% |
1986 | $2,743,134,662,327.09 | 7.51% |
1987 | $2,925,203,417,412.53 | 6.64% |
1988 | $3,116,263,222,131.81 | 6.53% |
1989 | $3,354,871,847,030.11 | 7.66% |
1990 | $3,659,357,200,976.40 | 9.08% |
1991 | $3,978,885,272,579.33 | 8.73% |
1992 | $4,272,304,719,283.97 | 7.37% |
1993 | $4,527,166,395,443.45 | 5.97% |
1994 | $4,743,124,491,456.47 | 4.77% |
1995 | $4,955,624,491,456.47 | 4.48% |
1996 | $5,129,912,530,512.61 | 3.52% |
1997 | $5,272,904,800,650.94 | 2.79% |
1998 | $5,442,524,410,089.50 | 3.22% |
1999 | $5,632,546,786,004.88 | 3.49% |
2000 | $5,861,126,932,465.42 | 4.06% |
2001 | $6,131,031,326,281.53 | 4.60% |
2002 | $6,419,609,438,567.94 | 4.71% |
2003 | $6,677,583,401,139.14 | 4.02% |
2004 | $6,971,002,847,843.78 | 4.39% |
2005 | $7,265,286,818,551.67 | 4.22% |
2006 | $7,556,631,407,648.49 | 4.01% |
2007 | $7,890,851,200,162.73 | 4.42% |
2008 | $8,183,312,754,271.77 | 3.71% |
2009 | $8,442,893,002,441.01 | 3.17% |
2010 | $8,731,111,472,742.07 | 3.41% |
2011 | $8,996,838,486,574.45 | 3.04% |
2012 | $9,326,503,966,639.55 | 3.66% |
2013 | $9,556,012,611,879.58 | 2.46% |
2014 | $9,784,335,130,187.14 | 2.39% |
2015 | $10,041,925,244,100.90 | 2.63% |
2016 | $10,422,305,431,244.91 | 3.79% |
2017 | $10,684,105,777,054.52 | 2.51% |
2018 | $10,895,061,737,184.70 | 1.97% |
2019 | $11,203,146,969,080.55 | 2.83% |
2020 | $11,663,089,300,244.10 | 4.11% |
2021 | $11,806,965,113,913.75 | 1.23% |
2022 | $12,285,224,979,658.26 | 4.05% |
2023 | $12,342,110,659,072.42 | 0.46% |
2024 | $12,545,406,360,184.43 | 1.65%* |
* 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:
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 | 10.200 | 10.200 | 10.300 | 10.300 | 10.360 | 10.360 | 10.420 | 10.740 | 11.260 | 11.580 | 11.900 | 12.560 | 13.538 | 14.377 | 14.838 | 15.115 | 15.838 | 16.700 | 17.292 | 17.823 | 18.238 | 18.908 | 19.685 | 20.623 | 21.492 | 22.254 | 22.923 | 23.531 | 24.092 | 24.585 | 25.185 | 26.300 | 28.154 | 29.862 | 31.923 | 33.954 | 36.146 | 37.315 | 38.762 | 42.369 | 47.477 | 51.992 | 56.962 | 61.769 | 67.485 | 74.877 | 82.923 | 92.546 | 100.592 | 106.854 | 113.515 | 122.038 | 130.138 | 138.638 | 149.254 | 162.800 | 177.015 | 190.069 | 201.408 | 211.015 | 220.469 | 228.223 | 234.585 | 242.131 | 250.585 | 260.754 | 272.762 | 285.600 | 297.077 | 310.131 | 323.223 | 336.185 | 351.054 | 364.065 | 375.613 | 388.436 | 400.258 | 414.924 | 425.134 | 435.292 | 446.752 | 463.675 | 475.322 | 484.707 | 498.413 | 518.876 | 525.276 | 546.554 | 549.084 | 558.129 |