Impact of Inflation: How to Inflation-Proof Your Dog's Life and Health Care
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(Source:AKC) Generally, it is expensive to own a dog. There is far more involved than the initial output of purchasing a pet. There are regular expenses like food, treats, and annual vet check-ups to budget for. Plus, you can expect periodic expenses like a new dog bed or training classes. And finally, you need to have an emergency fund to be prepared for unexpected expenses like emergency vet care or a pet sitter.
According to a 2020 Lendedu survey on how much Americans spend on their pets, the annual cost of owning a dog is around $1,900 a year. Recently, though, that number has increased. A 2022 survey by the American Pet Product Association showed that 60 percent of respondents believe the current economy has significantly impacted their household financially.
Although the joy of pet ownership is priceless, the cost of ownership has been rising along with inflation, says David Rae, a certified financial planner. And the statistics say the same. As reported by the U.S. Bureau of Labor Statistics, the cost of pet food increased by 13.1 percent between August 2021 and August 2022, but these numbers can also be impacted by pandemic stockpiling spending.
The cost of pet supplies and accessories isn't far behind with a 7.3 percent increase. Pet services have gone up by 5.7 percent, and veterinary services are up by 10 percent.
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