Pharmaceutical and Other Medical Products Expenditures Price Index
This dataset tracks pharmaceutical and other medical products expenditures price index over time.
Latest Value
98.31
Year-over-Year Change
-4.39%
Date Range
1/1/2000 - 1/1/2021
Summary
The Pharmaceutical and Other Medical Products Expenditures Price Index measures changes in the prices paid for pharmaceuticals and other medical products in the United States. This metric is crucial for understanding inflationary pressures and consumer healthcare costs.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Pharmaceutical and Other Medical Products Expenditures Price Index is a subcomponent of the broader Personal Health Care Services Price Index, which tracks price changes for various healthcare goods and services. This index specifically focuses on the prices of prescription drugs, over-the-counter medications, and other medical supplies.
Methodology
The data is collected through surveys of healthcare providers and retailers by the U.S. Bureau of Economic Analysis.
Historical Context
This index is closely monitored by policymakers, economists, and healthcare industry analysts to assess the affordability and accessibility of medical products.
Key Facts
- The index has a base year of 2012 = 100.
- Prices for pharmaceutical and medical products have risen faster than overall consumer prices in recent years.
- This index is a critical input for calculating real personal consumption expenditures.
FAQs
Q: What does this economic trend measure?
A: The Pharmaceutical and Other Medical Products Expenditures Price Index tracks changes in the prices paid for prescription drugs, over-the-counter medications, and other medical supplies in the United States.
Q: Why is this trend relevant for users or analysts?
A: This index is crucial for understanding inflationary pressures and consumer healthcare costs, which are closely monitored by policymakers, economists, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected through surveys of healthcare providers and retailers by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: The Pharmaceutical and Other Medical Products Expenditures Price Index is a critical input for calculating real personal consumption expenditures, which informs economic policy and decision-making.
Q: Are there update delays or limitations?
A: The index is published monthly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Pharmaceutical and Other Medical Products Expenditures Price Index (PHMEPRPIHCSA), retrieved from FRED.