John Gibbons, of PetBusinessProfessor.com, shared insights on how the year over year (YOY) consumer price index rose 2.4% in his February 2025 report. This is up from 2.0% in January 2025, and a new record high. This lift was driven by the pet food CPI flipping from -1.1% in January 2025 to +0.4% in February.
The YOY rate for February 2025 is still 31% lower than last year, 14% below the National CPI and even 23% below the average February ‘petflation’ rate since 1997.
2022 compared to 2025
- U.S. CPI– Prices are +0.4% from Jan. The YOY increase is 2.8%, down from 3.0%. It peaked at +9.1% back in June 2022. The targeted inflation rate is <2% so we are still 40+% higher than the target. The February decrease follows 4 straight lifts after 6 consecutive drops from Apr>Sep. The current rate is below 23>24 but the 21>25 rate is still +21.3%, 81.3% of the total inflation since 2019. The Inflation surge hadn’t started in January 2021, +1.7%.
- Pet food – Prices are +0.6% vs Jan and +0.4% vs Feb 24, a big change from -1.1%. They are still far below the Food at Home inflation rate of +1.9%. February is the first inflationary month for Pet Food since +1.8% in March 2024 – 11 straight deflationary months. The 2021>2025 inflation surge generated 92% of the 25.0% inflation since 2019. Inflation began for Pet Food in June 2021.
YTD -- 2022 compared to 2025
- U.S. CPI – The 24>25 rate is 2.9%, only down 6% from 23>24, but it is down 53% from 22>23, 62% less than 21>22 and 27.5% below the average increase from 2019>2025. However, it’s still 61% more than the average increase from 2018>2020. 82% of the 26.2% inflation since 2019 occurred from 2021>25. Inflation is a big problem that started recently.
- Pet food – Year to date prices are still deflated -0.3%, but up from -1.1% in Jan. That’s a big change from 3.7% in 23>24, 15.1% in 22>23 and the 2.1% 2018>20 average. However, it is still higher than the -0.7% deflation in 20>21. Pet Food has the highest 22>23 rate but is only #5 in the 21>25 rates. Deflation in the 1st half of 2021 kept YTD prices low then they surged in 2022 and especially in 2023. 91% of the inflation since 2019 occurred from 2021>25.
Update: Pet food producer price index (PPI)
The Retail Price changes usually mirror the Dog/Cat PPI but lag slightly. They peaked in May 23, then. then got on a rollercoaster. They rose 0.6% in February 2025. There was a +0.9% Dog/Cat PPI lift in Feb 24, +0.1% in Oct and now +0.2% in Jan 25. And rose 0.6% in Feb 25. In the Other Pet Food PPI, prices fell in February and are still deflating versus last year, but at a slower rate.
Dog and cat food prices are only +1.4% since March 2023, showing 23 months of stability.
Pet Food Retail CPI is 0.4% from February 2024, and 0.6% versus January 2024. The “Other pet food” category is -6.9% from February 2024.
