Prices for vet services have jumped 10% in the past year, government data shows — the biggest such spike on records dating back two decades.
The surging cost of veterinary services illustrates how high inflation has spread well beyond physical goods, such as cars, that became scarce as the economy accelerated out of the pandemic recession, to numerous services of which pet care is one example. The trend has stoked fears that inflation is growing more entrenched and that the Federal Reserve will feel compelled to keep raising interest rates at an ever-higher risk of causing a recession.
Even as services grow costlier, goods inflation is slowing. Excluding volatile food and energy, price increases in goods have eased from a 12.4% annual rate in February to 7% in August. By contrast, services inflation has marched steadily higher, to a 6.1% annual rate from just 2.7% a year ago.to keep raising rates to move inflation back toward their 2% target, even as worries have grown that they’ll go too far and derail the economy.
Other vet costs, including for medical supplies, lab testing fees and advanced pharmaceuticals, have accelerated, too. “We were literally working tirelessly ... just because the demand for our services had definitely increased and we were less effective,” she said. Government data shows that hourly pay in the vet industry jumped 7% in August from a year earlier, well above the 5% average for all workers. Measured year over year, pay leapt 14.2% in January, the highest jump on records dating from 2007.
Auto insurance prices have been accelerating, a result of the big jump in vehicle prices since the pandemic. Pricier cars cost more to insure. And the price of medical care for people is also increasing, fueled largely by higher labor costs.
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