U.S. medical costs grew 2.2% in the 12 months ending in May 2013, the slowest annual growth rate for healthcare since 1972, according to statistics released from the U.S. Department of Labor.
The annual slowdown was attributable to a 0.1% drop in the index for prescription drugs, which offset a 2.9% increase in the index for medical care services. The department's index for medical care commodities was unchanged.
What's more, on a monthly basis, the Department of Labor's index for medical care costs fell 0.2% compared to the preceding month. The last time the index for medical costs posted a monthly decline was 1975 -- just a year after Dr. Raymond Damadian received a patent for his work on the MRI scanner, according to an article in the Wall Street Journal.
Much of the monthly decline was driven by a 0.6% drop in prescription drugs, while the index for medical care commodities fell 0.5% and the index for medical services was unchanged.
The statistics are found in the latest version of the Consumer Price Index, which was released on Tuesday.
