Medical care commodities price inflation, 2023→2024

Medical Care Commodities Inflation Calculator

Prices for Medical Care Commodities, 2023-2024 ($20)

According to the U.S. Bureau of Labor Statistics, prices for medical care commodities are 2.13% higher in 2024 versus 2023 (a $0.43 difference in value).

Between 2023 and 2024: Medical care commodities experienced an average inflation rate of 2.13% per year. This rate of change indicates significant inflation. In other words, medical care commodities costing $20 in the year 2023 would cost $20.43 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.83% during this same period, inflation for medical care commodities was lower.

In the year 2023: Pricing changed by 4.17%, which is above the average yearly change for medical care commodities during the 2023-2024 time period. Compared to inflation for all items in 2023 (4.12%), inflation for medical care commodities was higher.

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 $20.00 since 2023

Below are calculations of equivalent buying power for Medical care commodities, over time, for $20 beginning in 2023. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2023	$20.00	4.17%
2024	$20.43	2.13%*

* 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	412.923

Adjust medical care commodities prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2023 * 2023 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Medical care commodities was 404.309 in the year 2023 and 412.923 in 2024:

412.923 / 404.309 * $20 = $20.43

Therefore, according to U.S. Bureau of Labor Statistics, $20 in 2023 has the same "purchasing power" as $20.43 in 2024 (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.