New year, softer inflation? Price hikes in pet supplies see a relief

Inflation continues to climb, albeit slower, in the first 2 months of the year as the Ukraine-Russia crisis persists, along with raw material and ingredient prices showing no signs of abating. 

In the US, pet food prices were up 0.2% in January and 1.2% in February. Pet and pet products posted a 0.2% upswing in January and 1.1% the following month, according to the US Bureau of Labor Statistics (BLS).

Meanwhile, pet-related product prices in the UK increased by 0.7% in January. The data from the Office for National Statistics (ONS) consulted by GlobalPETS concluded that in the same month of 2022, just before the start of the Ukrainian invasion, inflation in the category rose by 0.1%. Recent data published for February concluded that prices of pet supplies went up by 1.9%.

In Spain, pet parents paid 2.5% more for pet products in January 2023. However, the uprising trend stabilized in February with a 0.9% price uptick in the category, according to the Instituto Nacional de Estadística (INE). 

Inflation in the category registered an accumulative 13.1% in 2022, slightly lower than other countries in the region. 

Negative inflation

In contrast, some Northern European countries saw negative inflation in the category in the first 2 months of 2023. 

Statistics Finland notes that pets and related product costs were down by 0.45% in January and 0.33% in February. Pet food prices declined by 0.65% in January and 0.73% in February. 

Likewise, Norway too registered a 1.7% drop in recreational, equipment, gardens, and pet items in the first month of the year. However, Statistics Norway data revealed prices bounced back up to 0.8% in February.