Token inflation: why I'm sticking with Claude 4.6
The same code file now costs 30% more to process than it did three months ago. The price per token didn’t change. The tokenizer did.
Anthropic’s post-4.6 models - Sonnet 5, Opus 4.8, Fable 5 - use a new tokenizer that cuts text into more pieces than the 4.6 generation did, and you pay per piece. A detailed analysis by Playcode, who measured every frontier tokenizer on identical files, found the new Anthropic tokenizer produces 1.36 to 1.73 times GPT’s token count on the same content. TypeScript is the worst case at 1.73x.