It's June and your grass is growing fast — just not nearly as fast as your landscaping bill.
Driving the news: Lawn-mowing services cost an average 22.4% more this year, the Wall Street Journal reported, citing home-services company Angi.
It's the latest chapter in the inflation story — summer edition — featuring all the usual characters.
- Soaring gas prices, escalating labor costs and equipment shortages.
On one side are landscaping business owners, where cost inputs are squeezing margins.
- On the other is anyone responsible for a patch of grass, where skyrocketing prices are forcing them to think about firing up that old mower themselves.
Of note: Both Home Depot and Lowe's said consumers were spending more on lawn equipment.
- Many have been trading up to pricier battery-powered mowers, popular for saving on gas and helping the environment — not to mention the increasing crackdowns by local governments on gas-powered machines.
The bottom line: All of this is bad news for landscapers and homeowners. But it's good news for companies like John Deere, Honda and The Toro Company.