Prescription drugs priced at $10 in 1996 $22.92 in 2024

Prescription Drugs Inflation Calculator

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Prices for Prescription Drugs, 1996-2024 ($10)

According to the U.S. Bureau of Labor Statistics, prices for prescription drugs are 129.19% higher in 2024 versus 1996 (a $12.92 difference in value).

Between 1996 and 2024: Prescription drugs experienced an average inflation rate of 3.01% per year. This rate of change indicates significant inflation. In other words, prescription drugs costing $10 in the year 1996 would cost $22.92 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.50% during this same period, inflation for prescription drugs was higher.

In the year 1996: Pricing changed by 3.34%, which is above the average yearly change for prescription drugs during the 1996-2024 time period. Compared to inflation for all items in 1996 (2.93%), inflation for prescription drugs was higher.

Price Inflation for Prescription drugs since 1935

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 1982 (11.68%), 1947 (11.51%), and 1981 (11.48%).

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Buying power of $10.00 since 1996

Below are calculations of equivalent buying power for Prescription drugs, over time, for $10 beginning in 1996. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1996$10.003.34%
1997$10.262.64%
1998$10.653.76%
1999$11.265.70%
2000$11.754.41%
2001$12.395.41%
2002$13.035.20%
2003$13.433.09%
2004$13.883.31%
2005$14.373.54%
2006$14.994.28%
2007$15.201.43%
2008$15.582.47%
2009$16.103.38%
2010$16.794.29%
2011$17.504.21%
2012$18.123.57%
2013$18.220.55%
2014$18.873.56%
2015$19.744.58%
2016$20.694.84%
2017$21.403.40%
2018$21.741.61%
2019$21.69-0.23%
2020$21.911.01%
2021$21.51-1.82%
2022$21.982.21%
2023$22.622.91%
2024$22.921.30%*

* 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 Prescription drugs:

Year193519361937193819391940194119421943194419451946194719481949195019511952195319541955195619571958195919601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI30.60030.60030.80031.00031.00031.00031.40032.20032.50033.10033.50034.60038.58341.38042.26043.48045.54046.06046.02046.98047.68049.08050.80053.06054.26053.90052.04049.96048.86048.23347.75047.64046.74046.00046.58547.38547.40847.20847.06248.20051.16953.94657.17761.63166.38572.45480.76990.200100.100109.700120.100130.415140.846152.015165.231181.685199.662214.731223.023230.569235.023242.862249.262258.623273.377285.423300.854316.485326.269337.085349.015363.938369.157378.284391.055407.824424.981440.149442.580458.343479.315502.510519.618528.008526.785532.081522.392533.925549.458556.605

Adjust prescription drugs prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1996 * 1996 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Prescription drugs was 242.862 in the year 1996 and 556.605 in 2024:

556.605 / 242.862 * $10 = $22.92

Therefore, according to U.S. Bureau of Labor Statistics, $10 in 1996 has the same "purchasing power" as $22.92 in 2024 (in the CPI category of Prescription drugs).


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

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