Medicare payment cuts continue to restrain inflation

Jeffrey Clemens, Joshua Gottlieb and Adam Shapiro

FRBSF Economic Letter, 2016

Abstract: A steady downward trend in health-care services price inflation over the past decade has been a major factor holding down core inflation. Much of this downward trend reflects lower payments from public insurance programs. Looking ahead, current legislative guidelines imply considerable restraint on future public insurance payment growth. Therefore, overall health-care services price inflation is unlikely to rebound and appears likely to continue to be a drag on inflation.

Date: 2016
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