“Petflation” — meaning inflation in the pet products and services sector — continues, with March prices spiking 9.4 percent versus the same month a year ago, according to a new report from John Gibbons, the Pet Business Professor.
That was higher than the overall U.S. inflation rate. In March the Consumer Price Index was up 5 percent compared to March 2022.
In a blog post, Gibbons outlined the specific situation for various segments of the pet industry, including food, supplies, services and veterinary.
He noted:
Inflation is not just a singular event. It is cumulative. Total Pet Prices are up 9.4% from 2022 but they are up 17.6% from 2021 and 22.0% from 2019. That is a huge increase in a very short period. It puts tremendous monetary pressure on Pet Parents to prioritize their expenditures. We know that the needs of their pet children are always a high priority but let’s hope for a little relief – stabilized prices and even deflation. This is not likely in the Service segments but is definitely possible in products. It’s happened before. Let’s hope for a repeat.