Hospital services priced at $500 in 1996 $2,053.48 in 2024

Hospital Services Inflation Calculator

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Prices for Hospital Services, 1996-2024 ($500)

According to the U.S. Bureau of Labor Statistics, prices for hospital services are 310.70% higher in 2024 versus 1996 (a $1,553.48 difference in value).

Between 1996 and 2024: Hospital services experienced an average inflation rate of 5.17% per year. This rate of change indicates significant inflation. In other words, hospital services costing $500 in the year 1996 would cost $2,053.48 in 2024 for an equivalent purchase. Compared to the overall inflation rate of 2.44% during this same period, inflation for hospital services was higher.

Price Inflation for Hospital services since 1996

Consumer Price Index, U.S. Bureau of Labor Statistics
Years with the largest changes in pricing: 2002 (8.95%), 2010 (7.83%), and 2003 (7.45%).

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Buying power of $500.00 since 1996

Below are calculations of equivalent buying power for Hospital services, over time, for $500 beginning in 1996. Each of the amounts below is equivalent in terms of what it could buy at the time:

YearUSD ValueInflation Rate
1996$500.00-
1997$508.461.69%
1998$524.773.21%
1999$546.624.16%
2000$579.426.00%
2001$618.156.68%
2002$673.468.95%
2003$723.627.45%
2004$766.855.97%
2005$807.855.35%
2006$860.656.54%
2007$917.756.63%
2008$985.937.43%
2009$1,053.666.87%
2010$1,136.137.83%
2011$1,206.066.16%
2012$1,267.815.12%
2013$1,327.244.69%
2014$1,393.775.01%
2015$1,450.664.08%
2016$1,516.304.53%
2017$1,590.854.92%
2018$1,661.184.42%
2019$1,694.071.98%
2020$1,764.764.17%
2021$1,817.663.00%
2022$1,882.583.57%
2023$1,960.604.14%
2024$2,053.484.74%*

* 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 Hospital services:

Year19961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
CPI100.000101.692104.954109.323115.885123.631134.692144.723153.369161.569172.131183.551197.186210.731227.227241.213253.563265.448278.754290.132303.260318.170332.237338.814352.952363.533376.516392.120410.695

Adjust hospital services prices for inflation

Start with the inflation rate formula:

CPI in 2024 / CPI in 1996 * 1996 USD value = 2024 USD value

Then plug in historical CPI values from above. The CPI for Hospital services was 100.000 in the year 1996 and 410.695 in 2024:

410.695 / 100.000 * $500 = $2,053.48

Therefore, according to U.S. Bureau of Labor Statistics, $500 in 1996 has the same "purchasing power" as $2,053.48 in 2024 (in the CPI category of Hospital services).


Source: U.S. Bureau of Labor Statistics began tracking the Consumer Price Index for Hospital services in 1996. In addition to hospital services, the index produces monthly data on changes in prices paid by urban consumers for a variety of goods and services.

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