Source: Pet Business Professor
The Consumer Price Index (CPI) peaked in June 2022 at 9.1% and began to decline, with fluctuations until August 2024. Petflation, or inflation in the pet industry, has generally remained above the national CPI, reflecting distinct patterns across different pet segments. While grocery prices and overall U.S. inflation slowed recently, pet inflation rose to 2.8% in August 2024, exceeding the national CPI by 12%.
Petflation, influenced by factors such as pet food prices, Veterinary services, and pet supplies, has shown mixed trends. Veterinary services experienced the highest inflation, while pet food saw a recent decrease. Over 65% of inflation since 2019 occurred in services, with products contributing significantly since 2021. Pet prices are now 20.7% higher than in 2021 and 25.2% higher than in 2019. This cumulative inflation impacts consumer spending, leading to reduced service use and shifts in product purchases, including increased online shopping and private label preferences.
Read the full story HERE: https://petbusinessprofessor.com/petmarket/petmarketsegments/petflation-2024-august-update-jumps-up-to-2-9-vs-2023/