Drug prices are declining amid inflation fears

The recent Bureau of Labor Statistics (BLS) report that consumer prices jumped 4.2 percent in the 12 months ending in April fanned inflation fears already smoldering over supply chain disruptions, ransomware attacks and disappointing employment reports. Missing from the suspected causes of this spurt in inflation, however, are increases in prices of prescription drugs. This is remarkable since Congress is considering legislation aiming at limiting drug prices, which supporters have described as soaring or skyrocketing.