Prescription drugs priced at $10 in 2016 $10.92 in 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:

YearUSD ValueInflation Rate

* 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:


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.

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