For our sins, we spent some of Wednesday looking through the price tables in the Bureau of Labor Statistics inflation report for June. Fun, right? Ok, not a hoot, but call it a labor of love. And, what do you know, we discovered a remarkable fact you won’t see reported anywhere else: Prescription drug prices are rising more slowly than almost all other items.
Yes, the same drug prices that are the target of so much Washington denunciation rose a mere 0.1% last month. This is not a one-time event. Drug prices are up a mere 2.5% over the past year. This is notably less than the increase in non-prescription drug prices, which grew 1.2% in June and 4.7% in the last year. Other medical care prices also rose far more. Health insurance climbed 2.1% last month and is up 17.3% over the last year.