Anthropic has announced the addition of Prompt Caching capabilities for the Claude model to developers to cache frequently called Context via the Anthropic API. The company states that in basic responses or providing example results, costs can be reduced by up to 90% and latency can be reduced by up to 85% for longer size Prompts.
The Prompt Caching function is now available in public beta status on Claude 3.5 Sonnet and Claude 3 Haiku, with support for Claude 3 Opus coming soon.
An example provided by Anthropic highlights how Prompt Caching can help reduce costs, such as answering pre-summarized Q&A questions, attaching documents with embedded images that increase latency, or conversational chatbot systems with lengthy interactions due to explanations or requiring users to upload documents.
Source: Anthropic
TLDR: Anthropic announces the Prompt Caching feature for the Claude model, offering significant cost and latency reductions for frequently used Context via the Anthropic API.
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