Medical care price inflation, 2020→2024

Medical Care Inflation Calculator

Prices for Medical Care, 2020-2024 ($1,000)

According to the U.S. Bureau of Labor Statistics, prices for medical care are 8.57% higher in 2024 versus 2020 (a $85.72 difference in value).

Between 2020 and 2024: Medical care experienced an average inflation rate of 2.08% per year. This rate of change indicates significant inflation. In other words, medical care costing $1,000 in the year 2020 would cost $1,085.72 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 4.91% during this same period, inflation for medical care was lower.

In the year 2020: Pricing changed by 4.11%, which is above the average yearly change for medical care during the 2020-2024 time period. Compared to inflation for all items in 2020 (1.23%), inflation for medical care was higher.

Price Inflation for Medical care since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics

Years with the largest changes in pricing: 1975 (12.06%), 1982 (11.60%), and 1980 (10.95%).

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Buying power of $1,000.00 since 2020

Below are calculations of equivalent buying power for Medical care, over time, for $1,000 beginning in 2020. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2020	$1,000.00	4.11%
2021	$1,012.34	1.23%
2022	$1,053.34	4.05%
2023	$1,058.22	0.46%
2024	$1,085.72	2.60%*

* 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	563.355

Adjust medical care prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 2020 * 2020 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Medical care was 518.876 in the year 2020 and 563.355 in 2024:

563.355 / 518.876 * $1,000 = $1,085.72

Therefore, according to U.S. Bureau of Labor Statistics, $1,000 in 2020 has the same "purchasing power" as $1,085.72 in 2024 (in the CPI category of Medical care).

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