Us Pet Food at 3.7% Inflation in February 2022

Us Pet Food at 3.7% Inflation in February 2022

The inflation of pet food in 2021 was 2.4%, while the whole US economy had an inflation rate of 7%. We know that the inflation rate grew in all the other fields, but what happened to pet food? And will the already high pet food costs of $300 annually grow even more?

According to the Bureau of Labor Statistics, pet food inflation for February 2022 was at 3.7%, which shows that pet food is not immune to changes in the economy and is also following the trend of rising inflation. 

But, it still has one of the lowest inflation rates in the US. In February, the whole US economy had a 7.9% inflation rate, while human food (excluding restaurants) had a rate of 8.6%.

The overall pet care market is not as lucky as pet food, and the rate was 5.5%. The largest increase is in veterinary services, which had an incredible inflation rate of 7.5% for February.

But the numbers are a lot higher if we take a look at the 24-month inflation rate. From February 2021 to February 2022, pet food inflation reached 5.4%. Pet services got to 11.7%, while veterinary services reached 14.6%.

The whole pet market was at a 9.5% inflation rate during the same period. 

On the other hand, if we take a look at human products and services, this inflation is not as terrible. For example, during the 24 month period, personal services for humans (haircuts and similar) have grown by 15.1%.

But, although it’s not the worst increase, will it disrupt the pet market growth?

Currently, you can still find quality pet food for reasonable prices, but the owners are starting to feel overwhelmed when shopping for pet food. If the prices continue to grow, it’s uncertain how many pet owners will still choose premium food for their pets.

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