Monday, April 18, 2011

Pet food prices set to rise in coming months, say experts

The cost of pet food is set to rise in coming months on the heels of increases in human food prices, according to experts.
“Recent food price increases appear to be passing through to pet food products, as they did to an even greater degree in 2008," said Zach Pandl, senior economist at Goldman Sachs Group Inc. “These gains have added to the rise in core inflation, and likely will continue to do so for a while longer.” Changes in the food component of the consumer price index have led movements in petfood costs since 2006. In 2008, petfood prices jumped by 16% after human food inflation reached 6%. Human food costs have accelerated by more than 2% as of February after falling 0.7% at the end of 2009.

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