Pet food inflation shows signs of slowing down, with the ‘petflation’ rate dropping to 1.6% in May 2024 from 1.7% in April. John Gibbons of PetBusinessProfessor.com reports that while prices increased marginally from April, they are up 3.3% compared to May 2023, showing a slight deceleration. The broader Consumer Price Index (CPI) is also down slightly to 3.3%, impacting most pet categories. Year-over-year, pet food prices dipped by -0.1% from April, reflecting a trend where prices were previously much higher. Year-to-date, pet food inflation stands at 1.6%, a decrease from earlier in the year and significantly lower than previous annual rates. The Producer Price Index (PPI) for pet food, particularly driven by dog canned/wet food, has shown stability with minimal increases over the past 14 months, despite fluctuations in recent months.
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