High pet food prices hit Hong Kong pets
Increase in global commodity prices have hit Hong Kong’s pet pooches as the cost of food soars. Experts say their devoted owners will keep the industry inflation-resilient.
Prices for pet foods in the city have jumped by more than 15% in recent weeks,
as suppliers are forced to match the international price increases for the raw
ingredients, shop owners said.
40% supplier
increase
But despite grumbles, it appears
pet lovers will continue to fork out to feed their beloved pooches. “What we
find amazing time and time again is that pet owners would rather sacrifice
buying food for themselves than food for their pets,” said Peter de Krassel,
director of Pets Central, which has four outlets in the city. De Krassel said
his suppliers have raised their prices by as much as 40% in the past four weeks,
but he has tried to limit rises in his stores to 18%. The cost of a two-kilo (4.4-pound) packet of dog food had
jumped from 145 Hong Kong dollars (19 US) a month ago to 170 dollars, said a
recent report in The Standard, an English-language newspaper.
Vulnerable
Hong Kong is particularly vulnerable to
rises as it imports almost all its food. In recent days, it has seen supermarket
shelves cleared of rice due to worries over a jump of 20% in the staple food.
Rice is one of the main components of many dog kibbles, or mixes, along with
wheat.
The two commodities have seen some of the largest price hikes due to
bigger appetites in India and China, and reduced crop land due to the increase
in growing crops for biofuels, in particular in the United States.
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