business
Physician spending lags behind inflation
NEWS IN BRIEF — Posted Jan. 30, 2012
Overall medical care inflation grew more quickly than inflation for the cost of physician services and the economy as a whole, according to the monthly report on the consumer price index issued Jan. 19 by the Bureau of Labor Statistics bls.gov/news.release/cpi.nr0.htm.
There was no inflation in the wider economy for November and December 2011, although price growth for the year was 3%. Prices paid for medical care escalated by 0.4% in November and December 2011, with an annual inflation rate of 3.5%.
The cost of hospital services went up 0.7% in November 2011 and 0.5% in December 2011, with an annual growth rate of 5.3%. Prices paid for professional services, a category that includes physicians, went up 0.2% in November 2011 and 0.3% in December 2011, with an annual inflation rate of 2.2%.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2012/01/30/bibf0130.htm.
