- Virginia - (Medora Lee) - Skyrocketing rent and food costs have company: Health care costs also are soaring, and what’s worse, they're likely to rise much more and could help keep overall inflation elevated for some time, analysts say.
Inflation is expected to boost annual U.S. national health expenses by $370 billion by 2027 compared with pre-pandemic projections, consulting firm McKinsey estimated in a report in September.
The medical care index, a subset of the consumer price index, accelerated to 0.7% in the month of August from 0.4% in July. Over the past year, it was up 5.4%, the largest 12-month increase since 1993 but still below the overall 8.3% pace of inflation. That lag in health care inflation to overall consumer inflation could be an ominous sign for consumers... >>>