Though the nationwide yr over yr month-to-month Shopper Value Index (CPI) rose to 2.6% in October 2024, ‘petflation’ charges fell barely to 2.0%, based on John Gibbons of PetBusinessProfessor.com in his October 2024 report.
The nationwide yr over yr month-to-month CPI fee is up from the September 2024 fee of two.4% however it’s 19% beneath the 22>23 fee and 66% lower than 21>22.
Pet merchandise (-0.7%) have been the principle driver within the fall of ‘petflation’ charges. The pet meals CPI was -1.3%, creating seven consecutive months of deflation.
2022 in comparison with 2024
- U.S. CPI – Costs are +0.1% from Sep. The YOY improve is 2.6%, up from 2.4%. It peaked at +9.1% again in June 2022. The focused inflation fee is <2% so we are actually 30+% larger than the goal. The October improve was an enormous change after 6 consecutive drops from Apr>Sep. The present fee is beneath 22>23 however the 21>24 fee remains to be +14.1%, 62.1% of the entire inflation since 2019. Inflation was rising in October 2021, +6.2%.
- Pet meals – Costs are -0.3% vs Sep. and -1.3% vs Oct. 23, down from -0.9%. They’re nonetheless considerably beneath the Meals at House inflation fee, +1.1%. The YOY drop of -1.3% is being measured towards a time when costs have been 23.1% above the 2019 degree and the present lower is definitely lower than the -1.7% drop from 2019 to 2020. The 2021>2024 inflation surge generated 98% of the 21.3% inflation since 2019. Inflation started in 2021.
YTD — 2022 in comparison with 2024
- U.S. CPI – The 23>24 fee is 3.0%, the identical as September, however it’s down 30% from 22>23, 64% lower than 21>22 and 29% beneath the typical YOY improve from 2019>2024. Nevertheless, it’s nonetheless 27% greater than the common annual improve from 2018>2021. 72% of the 22.7% inflation since 2019 occurred from 2021>24. Inflation is an enormous drawback that began not too long ago.
- Pet meals – YTD inflation is 0.5%, down from 0.7% in Sep. and 96% much less than the 22>23 fee. Now, additionally it is 95% decrease than 21>22 and 43% beneath the typical fee from 2018>2021. Pet Meals has the very best 22>23 fee on the chart and stays in 2nd place within the 21>24 charges. Deflation within the 1st half of 2021 saved YTD costs low then they surged in 2022 and particularly in 2023. 96% of the inflation since 2019 occurred from 2021>24.
Replace: Pet meals producer worth index (PPI)
The Retail Value modifications often 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, rose in March, fell Apr>Might, rose in June then fell in Jul>Oct. There was a 0.9% PPI raise in February however stability in Mar>Oct. After the large drop in July, the Different Pet Meals PPI rose in Aug. however fell in Sep>Oct and remains to be deflating.
Canine and cat meals costs solely elevated 0.75% since March 2023, exhibiting 18 months of stability.
Pet Meals Retail CPI is -1.3% from October 2023, and -0.3% versus September 2024. The “Different pet meals” class is -9.4% from October 2023.
Autor ahardt@wattglobal.com (Alyssa Hardt)
