According to the U.S. Bureau of Labor Statistics, prices for medical care are 3,031.49% higher in 2024 versus 1954 (a $212,204,612.29 difference in value).
Between 1954 and 2024: Medical care experienced an average inflation rate of 5.04% per year. This rate of change indicates significant inflation. In other words, medical care costing $7,000,000 in the year 1954 would cost $219,204,612.29 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 3.56% during this same period, inflation for medical care was higher.
In the year 1954: Pricing changed by 3.07%, which is below the average yearly change for medical care during the 1954-2024 time period. Compared to inflation for all items in 1954 (0.34%), inflation for medical care was higher.
Below are calculations of equivalent buying power for Medical care, over time, for $7,000,000 beginning in 1954. Each of the amounts below is equivalent in terms of what it could buy at the time:
Year | USD Value | Inflation Rate |
---|---|---|
1954 | $7,000,000.00 | 3.07% |
1955 | $7,163,141.99 | 2.33% |
1956 | $7,425,981.87 | 3.67% |
1957 | $7,731,117.82 | 4.11% |
1958 | $8,099,697.89 | 4.77% |
1959 | $8,441,087.61 | 4.21% |
1960 | $8,740,181.27 | 3.54% |
1961 | $9,003,021.15 | 3.01% |
1962 | $9,241,691.84 | 2.65% |
1963 | $9,462,235.65 | 2.39% |
1964 | $9,655,589.12 | 2.04% |
1965 | $9,891,238.67 | 2.44% |
1966 | $10,329,305.14 | 4.43% |
1967 | $11,057,401.81 | 7.05% |
1968 | $11,728,096.68 | 6.07% |
1969 | $12,537,764.35 | 6.90% |
1970 | $13,335,347.43 | 6.36% |
1971 | $14,196,374.62 | 6.46% |
1972 | $14,655,589.12 | 3.23% |
1973 | $15,223,564.95 | 3.88% |
1974 | $16,640,483.38 | 9.31% |
1975 | $18,646,525.68 | 12.06% |
1976 | $20,419,939.58 | 9.51% |
1977 | $22,371,601.21 | 9.56% |
1978 | $24,259,818.73 | 8.44% |
1979 | $26,504,531.72 | 9.25% |
1980 | $29,407,854.98 | 10.95% |
1981 | $32,567,975.83 | 10.75% |
1982 | $36,347,432.02 | 11.60% |
1983 | $39,507,552.87 | 8.69% |
1984 | $41,966,767.37 | 6.22% |
1985 | $44,583,081.57 | 6.23% |
1986 | $47,930,513.60 | 7.51% |
1987 | $51,111,782.48 | 6.64% |
1988 | $54,450,151.06 | 6.53% |
1989 | $58,619,335.35 | 7.66% |
1990 | $63,939,577.04 | 9.08% |
1991 | $69,522,658.61 | 8.73% |
1992 | $74,649,546.83 | 7.37% |
1993 | $79,102,719.03 | 5.97% |
1994 | $82,876,132.93 | 4.77% |
1995 | $86,589,123.87 | 4.48% |
1996 | $89,634,441.09 | 3.52% |
1997 | $92,132,930.51 | 2.79% |
1998 | $95,096,676.74 | 3.22% |
1999 | $98,416,918.43 | 3.49% |
2000 | $102,410,876.13 | 4.06% |
2001 | $107,126,888.22 | 4.60% |
2002 | $112,169,184.29 | 4.71% |
2003 | $116,676,737.16 | 4.02% |
2004 | $121,803,625.38 | 4.39% |
2005 | $126,945,619.34 | 4.22% |
2006 | $132,036,253.78 | 4.01% |
2007 | $137,876,042.30 | 4.42% |
2008 | $142,986,193.35 | 3.71% |
2009 | $147,521,812.69 | 3.17% |
2010 | $152,557,824.77 | 3.41% |
2011 | $157,200,845.92 | 3.04% |
2012 | $162,961,057.40 | 3.66% |
2013 | $166,971,238.67 | 2.46% |
2014 | $170,960,694.86 | 2.39% |
2015 | $175,461,540.79 | 2.63% |
2016 | $182,107,885.20 | 3.79% |
2017 | $186,682,296.07 | 2.51% |
2018 | $190,368,308.16 | 1.97% |
2019 | $195,751,450.15 | 2.83% |
2020 | $203,787,975.83 | 4.11% |
2021 | $206,301,903.32 | 1.23% |
2022 | $214,658,489.43 | 4.05% |
2023 | $215,652,447.13 | 0.46% |
2024 | $219,204,612.29 | 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 |