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Set to regain the inflation spotlight – medical care

Much of today's economic news concerns the path of inflation and the actions to bring it back to the Federal Reserve's target. While energy, food and other costs have received much attention, a usual star contributor to inflation has been less prominent – medical care. Over the last two decades, the cost of medical care services has increased 78% faster than the general rate of inflation, according to Consumer Price Index data from the Bureau of Labor Statistics. But more recently, the relationship reversed. Over the 12-month period ended June 2023, general inflation was 3.0% versus -0.8% for medical care services.

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