Big price hikes for pet food is crimping outlooks at Petco and Chewy, explains JinjLee WSJWhatsNow
In February, pet food prices were 15.2% above year-ago levels, far exceeding the 10.1% inflation seen for the human food-at-home category, according to data from the U.S. Bureau of Labor Statistics.
Year-over-year price increases for pet food started outpacing that for food-at-home starting September, and price increases for the category have proven to be stickier: Grocery inflation peaked at 13.5% in August and has moderated every month. Meanwhile, pet-food inflation, after a slight moderation following a November peak, resumed its upward trajectory in February. Part of that could be the lingering effect of shortages seen in 2021 and 2022. J.M.
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