According to the latest February 2024 report from John Gibbons of PetBusinessProfessor.com, pet food inflation remains strong but is slowing. February 2024 had the eighth highest interest rate for February on record, but in 2021 it was only half that.
Due to the continued decline in pet food prices, the total pet inflation rate decreased significantly from 4.7% in January 2024 to 3.5% in February 2024. Pet food prices have now fallen for three consecutive months.
The year-on-year change in the national consumer price index (CPI) was +0.6% compared to January 2023 and +3.2% compared to February 2023, up from 3.1% in the previous month.
Pet food prices fell +2.6% in February compared to +4.8% in January. Pet food prices exceeded national CPI in July 2022, and in February they were 3.5%, still 9% above national prices, but down from +52% in January.
Comparing the price of pet food with the CPI of two years ago (February 2022), the CPI is +10.4% and the price of pet food is +7.0%, meaning that the price of pet food two years ago was considerably higher. Ta.
Comparison of 2022 and 2024
- US consumer price index – Prices are +0.6% from January. Compared to the same period last year, sales increased by 3.2% from 3.1%. The peak was +9.1% in June 2022. The target inflation rate is less than 2%, so it is still 60% above target.
“After 12 consecutive declines, we had two gains and the month was stable, but then we had two consecutive declines and now we have three gains. That's not good news,” Gibbons said. .
The current ratio is 47% below 22>23, while the 21>24 ratio is still 18.0%. This is equivalent to 78.9% of total inflation since 2019. Inflation rates were low at the beginning of 2021.
- pet food – the price is -0.9% +2.6% compared to January and +2.6% compared to February 23rd, down from 4.8%. But still he of the food inflation rate is 2.6 times. The 2.6% year-on-year increase is measured against a period when prices were 20.7% above 2019 levels, but the increase is 1.5 times the pre-pandemic 1.7% rise from 2018 to 2019. It's staying. Soaring inflation from 2021 to 2024 led to a 91.8% increase. % of a total inflation of 24.5% since 2019.
Year-on-year comparison — 2022 and 2024
- US consumer price index – The proportion for 23>24 is 3.1%, the same as in January, but for 22>23 it has decreased by 50% and for 21>22 it has decreased by 60%. It is also 26% lower than the average year-over-year growth rate from 2019 to 2024, but still 72% higher than the average annual growth rate from 2018 to 2021. Of the 20.6% inflation since 2019, 79% occurred in his 2021>24. Inflation is a big problem that started recently.
- pet food – Year-to-date inflation is 3.7%, down from 4.8% in January and 75% below the 22>23 rate. However, it is still 16% higher than 21>22 and 2.3 times the average rate for 2018>2021.Pet food had the highest percentage of 22>23 on the chart, but it dropped to 2.n.d. At a rate of 21>24. Deflation in the first half of 2021 kept prices low year-to-date, but prices skyrocketed in 2022 and especially his 2023. His 91% of inflation since 2019 occurred in his 2021>24.
Pet inflation is cumulative
“There is one fact that is often ignored in the headlines: inflation is cumulative,” Gibbons said. “Pet prices are up 21.0% from 2021 and 25.6% from 2019. This is a significant increase.”
February prices were at record highs in all categories except pet food.
Although pet food prices are down, they are only 1.3% lower than their peak in May 2023 and 24.5% higher than in 2019.
