According to new figures from the US Bureau of Labor Statistics (BLS), prices in the global pet category increased by 1.3% last month. The increase rate is up from 0.9% in September.
By categories, the price of pet accessories and supplies jumped by 1.4% in October 2022. The previous month the increase was a more moderate 0.3%. In the last 12 months, pet owners have paid 9.5% more for purchasing supplies and accessories for their animals.
After months of continual hikes in the price of pet food (+1.7% in August and +1.3% in September), the increase in October was 1%.
Despite this slight decrease, pet parents are paying 15% more for food than in 2021. According to the BLS, this year’s peak increases were in March (2.1%) and July (2.3%).
Under the catalysis of the "lonely economy" in today's society, the pet industry has accelerated its development. As the world's largest and most mature pet economy, the US pet market has been growing steadily in recent years
