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While the annual inflation rate in healthcare costs has declined in recent decades, [5] it still remains above the rate of economic growth, resulting in a steady increase in healthcare expenditures relative to GDP from 6% in 1970 to nearly 18% in 2015. [3]
Health spending per person has nearly doubled in those years, from an inflation-adjusted $7,908 in 2000 to $14,570 in 2023. ... 30 or 50 years ago. In 1970, health care made up 7% of the nation ...
However, from December 1982 through December 2011, the all-items CPI-E rose at an annual average rate of 3.1 percent, compared with increases of 2.9 percent for both the CPI-U and CPI-W. [28] This suggests that the elderly have been losing purchasing power at the rate of roughly 0.2 (=3.1–2.9) percentage points per year.
While this inflation rate has declined, it has generally remained above the rate of economic growth, resulting in a steady increase of health expenditures relative to GDP from 6% in 1970 to nearly 18% in 2015. [5] Health care cost rise in the U.S. relative to other countries, as measured by total expenditure on health as percent of GDP
Medical inflation is accelerating as demand for non-COVID-19-related health services recovers and providers seek to make up for soaring labor costs.
Story at a glance Rising inflation and health care costs are straining Americans’ pursestrings when it comes to paying for care and prescription medication. New results of a West Health-Gallup ...