Bank of America CEO Brian Moynihan sees clues to the U.S. consumer in the pet food aisle

Bank of America CEO Brian Moynihan is one of the few people who really knows in real time how Americans are contending with rising inflation and higher gas prices. And he sees clues to how they are responding in the pet food aisle.

Get unlimited access to ad-free articles and exclusive content.

“You know, higher end pet food is not being charged as much on our credit and debit cards as the next brand down,” Moynihan said during a recent interview with NBC News, citing aggregated internal bank data. This, he added, is despite a wave of advertising by the premium pet food brands.

“What you’re seeing is people are shifting, so people shift around and make room for the higher gas prices,” he said. “That’s the reality of the day-to-day consumer.”

With almost 70 million customers, Bank of America’s data offers a detailed picture of how people are managing their money.

Inflation outpaced wage growth in May for the second month in a row, and consumers were paying around 40% more at the pump than they were before the U.S. launched a war against Iran.

But the trend of consumers trading down is only one part of a bigger picture, Moynihan told NBC News at the bank’s New York Financial Center, the latest installment in NBC’s recently launched Business in America series.

Monthly spending on the bank’s credit and debit cards was up 5% overall in May over last year, Moynihan said.