Prescription drug prices fell for the seventh consecutive month in July, extending the longest uninterrupted streak of declines in the nearly 80-year history of the Consumer Price Index category.
The prescription drugs index declined 0.8 percent in July on a seasonally adjusted basis, according to the Bureau of Labor Statistics. Prices have now fallen every month since December 2025, producing a cumulative decline of 2.9 percent over the seven-month period.
Over the past 12 months, prescription drug prices have fallen approximately 3.1 percent.
The decline comes as broader medical care costs have continued to moderate. The medical care commodities index, which includes prescription drugs, also eased in July and helped restrain overall inflation.
Joel Pollak, opinion editor at the California Post, highlighted the seven-month streak following the CPI release, calling it “a massive achievement” and arguing that the development received little attention in broader media coverage.
There are two really amazing facts about today's CPI report.
1. Blue (Democrat) metros have MUCH higher inflation than Red (Republican) metros.
2. Prescription drug prices have fallen for 7 months — longest such decline since 1947.
Did you hear that? Media ignored it. (1/3)
— Joel Pollak (@joelpollak) August 13, 2026
The July CPI report showed overall consumer prices rising 0.1 percent for the month and 3.4 percent from a year earlier. Core inflation, which excludes food and energy, increased 0.2 percent in July and 2.5 percent over the previous 12 months.
The decline in prescription drug prices comes amid several changes in the pharmaceutical market, including increased competition from generic drugs and biosimilars and the implementation of Medicare drug-price negotiations authorized under the Inflation Reduction Act. The first negotiated prices for a group of high-cost drugs took effect earlier this year.
Prescription drug prices have historically tended to rise or fluctuate rather than decline for prolonged periods, making the current seven-month streak an unusual shift. Whether the decline continues will become clearer as additional CPI data are released in the coming months.
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