U.S. Prescription Drug Prices Decline, Federal Data Shows

Why it matters locally: New York residents, like all Americans, will likely see direct financial benefits from this national decline in prescription drug prices, particularly those managing chronic conditions or lacking comprehensive insurance coverage.

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New federal data indicates a decline in U.S. prescription drug prices. In July, prices decreased by 0.8%. Overall, prices have fallen 3.1% over the past year. This annual reduction represents the steepest year-over-year drop recorded since 1963.