Though pet costs rose 0.1% in July 2024, general inflation charges fell barely to 2.9%, in keeping with John Gibbons of PetBusinessProfessor.com in his July report.
The nationwide yr over yr month-to-month Shopper Worth Index (CPI) charge of two.9% is down from 3.0% and now beneath the 22>23 charge. And solely 34% of 21>22.
“Petflation has positively slowed in 2024,” said Gibbons. “July was 38% beneath the typical for the month and 34.5% decrease than the Nationwide CPI. That is about the identical because it was again in 2021”
2022 in comparison with 2024
- U.S. CPI – Costs are +0.1% from June. The YOY enhance is 2.9%, down from 3.0%. It peaked at +9.1% again in June 2022. The focused inflation charge is <2% so we’re nonetheless 45+% larger than the goal. After 12 straight declines, we had 2 lifts, a steady month, 3 consecutive drops and now 5 of 8 with drops – enhancing. The present charge is beneath 22>23 however the 21>24 charge remains to be +15.2%, 67.3% of the entire inflation since 2019. Inflation was low in July 2021.
- Pet meals – Costs are -0.03% vs June and -0.04% vs July 23, up from -0.2%. They’re nonetheless considerably beneath the Meals at Dwelling inflation charge, +1.1%. The YOY drop of -0.04% is being measured towards a time when costs have been 22.9% above the 2019 stage and the present lower remains to be far lower than the -0.7% drop from 2019 to 2020. The 2021>2024 inflation surge has now generated 100% of the entire 22.7% inflation since 2019.
YTD — 2022 in comparison with 2024
- U.S. CPI – The 23>24 charge is 3.2%, the identical as June, but additionally down 30% from 22>23 and 61% lower than 21>22. It’s also 24% beneath the common YOY enhance from 2019>2024, but it surely’s nonetheless 45% greater than the common annual enhance from 2018>2021. 74% of the 22.7% inflation since 2019 occurred from 2021>24. Inflation is a giant downside that began not too long ago.
- Pet meals – YTD inflation is 1.1%, down from 1.3% in June and 92% much less than the 22>23 charge. Now, it’s also 85% decrease than 21>22 and 10% beneath the typical charge from 2018>2020. Pet Meals has the best 22>23 charge on the chart and stays in 2nd place within the 21>24 charges. Deflation within the 1st half of 2021 stored YTD costs low then costs surged in 2022 and particularly in 2023. 95% of the inflation since 2019 occurred from 2021>24.
Replace: Pet meals producer value index (PPI)
The retail value adjustments normally mirror the canine and cat PPI however lag barely. They peaked in Might 23, fell barely in Jun>Aug, turned up in Sep/Oct, flattened in Nov, fell in Dec>Feb, turned up in March, and fell in Apr>Might, then rose in June and fell a bit in July.
Costs solely elevated <1% since March 2023, exhibiting 16 months of stability.
Pet Meals Retail CPI is -0.04% from July 2023, and -0.03% versus June 2024. The “Different pet meals” class is -10.2% from July 2023.
