Prescription drugs price inflation, 2016→2023

Prescription Drugs Inflation Calculator

Prices for Prescription Drugs, 2016-2023 ($10)

According to the U.S. Bureau of Labor Statistics, prices for prescription drugs are 9.18% higher in 2023 versus 2016 (a $0.92 difference in value).

Between 2016 and 2023: Prescription drugs experienced an average inflation rate of 1.26% per year. In other words, prescription drugs costing $10 in the year 2016 would cost $10.92 in 2023 for an equivalent purchase. Compared to the overall inflation rate of 3.45% during this same period, inflation for prescription drugs was lower.

In the year 2016: Pricing changed by 4.84%, which is significantly above the average yearly change for prescription drugs during the 2016-2023 time period. Compared to inflation for all items in 2016 (1.26%), inflation for prescription drugs was much 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 2016

Below are calculations of equivalent buying power for Prescription drugs, over time, for $10 beginning in 2016. Each of the amounts below is equivalent in terms of what it could buy at the time:

Year	USD Value	Inflation Rate
2016	$10.00	4.84%
2017	$10.34	3.40%
2018	$10.51	1.61%
2019	$10.48	-0.23%
2020	$10.59	1.01%
2021	$10.40	-1.82%
2022	$10.63	2.21%
2023	$10.92	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

Adjust prescription drugs prices for inflation

Start with the inflation rate formula:

CPI in 2023 / CPI in 2016 * 2016 USD value = 2023 USD value

Then plug in historical CPI values from above. The CPI for Prescription drugs was 502.510 in the year 2016 and 548.627 in 2023:

548.627 / 502.510 * $10 = $10.92

Therefore, according to U.S. Bureau of Labor Statistics, $10 in 2016 has the same "purchasing power" as $10.92 in 2023 (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.