According to the U.S. Bureau of Labor Statistics, prices for prescription drugs are 125.90% higher in 2023 versus 1996 (a $12.59 difference in value).
Between 1996 and 2023: Prescription drugs experienced an average inflation rate of 3.06% per year. This rate of change indicates significant inflation. In other words, prescription drugs costing $10 in the year 1996 would cost $22.59 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 2.48% 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 1996-2023 time period. Compared to inflation for all items in 1996 (2.93%), inflation for prescription drugs was higher.
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:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1996 | $10.00 | 3.34% |
| 1997 | $10.26 | 2.64% |
| 1998 | $10.65 | 3.76% |
| 1999 | $11.26 | 5.70% |
| 2000 | $11.75 | 4.41% |
| 2001 | $12.39 | 5.41% |
| 2002 | $13.03 | 5.20% |
| 2003 | $13.43 | 3.09% |
| 2004 | $13.88 | 3.31% |
| 2005 | $14.37 | 3.54% |
| 2006 | $14.99 | 4.28% |
| 2007 | $15.20 | 1.43% |
| 2008 | $15.58 | 2.47% |
| 2009 | $16.10 | 3.38% |
| 2010 | $16.79 | 4.29% |
| 2011 | $17.50 | 4.21% |
| 2012 | $18.12 | 3.57% |
| 2013 | $18.22 | 0.55% |
| 2014 | $18.87 | 3.56% |
| 2015 | $19.74 | 4.58% |
| 2016 | $20.69 | 4.84% |
| 2017 | $21.40 | 3.40% |
| 2018 | $21.74 | 1.61% |
| 2019 | $21.69 | -0.23% |
| 2020 | $21.91 | 1.01% |
| 2021 | $21.51 | -1.82% |
| 2022 | $21.98 | 2.21% |
| 2023 | $22.59 | 2.75%* |
* 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:
| 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 |
| CPI | 30.600 | 30.600 | 30.800 | 31.000 | 31.000 | 31.000 | 31.400 | 32.200 | 32.500 | 33.100 | 33.500 | 34.600 | 38.583 | 41.380 | 42.260 | 43.480 | 45.540 | 46.060 | 46.020 | 46.980 | 47.680 | 49.080 | 50.800 | 53.060 | 54.260 | 53.900 | 52.040 | 49.960 | 48.860 | 48.233 | 47.750 | 47.640 | 46.740 | 46.000 | 46.585 | 47.385 | 47.408 | 47.208 | 47.062 | 48.200 | 51.169 | 53.946 | 57.177 | 61.631 | 66.385 | 72.454 | 80.769 | 90.200 | 100.100 | 109.700 | 120.100 | 130.415 | 140.846 | 152.015 | 165.231 | 181.685 | 199.662 | 214.731 | 223.023 | 230.569 | 235.023 | 242.862 | 249.262 | 258.623 | 273.377 | 285.423 | 300.854 | 316.485 | 326.269 | 337.085 | 349.015 | 363.938 | 369.157 | 378.284 | 391.055 | 407.824 | 424.981 | 440.149 | 442.580 | 458.343 | 479.315 | 502.510 | 519.618 | 528.008 | 526.785 | 532.081 | 522.392 | 533.925 | 548.627 |