Inflation has been tapering off a bit, but that doesn’t mean it’s taking a holiday this year!
PNC Bank released its annual “Christmas Price Index” — the bank’s price index for the 12 gifts popularized by the classic song “The Twelve Days of Christmas” — and to actually buy all the presents in the song, well, it’ll cost $45,523.27.
This year’s index total is up 10.5% from a year ago, the third largest increase since the bank started tracking the prices nearly 40 years ago.
“True Loves will need to come up with a record (amount) to buy those 12 perfect gifts this year,” said Amanda Agati, chief investment officer for PNC Asset Management Group.
This year’s most expensive gift on the Christmas Price Index (CPI) is “ten lords-a-leaping,” which costs a whopping $13,980 and is up 24.2% from last year.
And for those on a more reasonable budget, try “eight maids-a-milking.” Unfortunately, the maids haven’t seen a raise since July 24, 2009, which is the last time the Federal Minimum Wage — sitting at $7.25 per hour — was raised.
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As for what’s causing the inflation that’s frustrating the nation, Agati points to several factors.
“This is a disquieting development for many, as pandemic-related supply chain disruptions and elevated energy and commodity prices continue to impact the cost of goods and services,” Agati said. “Despite True Loves’ generous intentions, the gifts that make up the PNC CPI are not well-insulated from what is being experienced across the broader economy.”
At least the price of “seven swans a-swimming” is unchanged from a year ago. But they’re still pricey, ringing in at $13,124.93.
This year’s Price Index from the first to the 12th day of Christmas
- A Partridge in a Pear Tree: $280.18 (+25.8%)
- Two Turtle Doves: $600 (+33.3%)
- Three French Hens: $318.75 (+25%)
- Four Calling Birds: $599.96 (0%)
- Five Gold Rings: $1,245 (+39.1%)
- Six Geese-A-Laying: $720 (+9.1%)
- Seven Swans-A-Swimming: $13,124.93 (+0%)
- Eight Maids-A-Milking: $58.00 (0%)
- Nine Ladies Dancing: $8,308.12 (+10%)
- Ten Lords-A-Leaping: $13,980 (+24.2%)
- Eleven Pipers Piping: $3,021.40 (+2.6%)
- Twelve Drummers Drumming: $3,266.93 (+2.6%)
WTOP’s Hugh Garbrick contributed to this report.
