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Your true love will need to raise his or her budget for your Christmas gifts this year.
PNC released its annual Christmas Price Index on Friday, and it showed that prices for items from the Christmas carol “The Twelve Days of Christmas” rose by 0.7% from last year. That’s slightly up from the 0.6% pace in 2015.
The cost of everything on the list, from the partridge to the drummers, totaled $34,363.49, an increase of a few hundred dollars from last year. The “core” index, excluding volatile swan prices, rose 1.1% to $21,238.49.
But as the carol goes, all of the gifts except the drummers are counted multiple times, bringing the cost up to $156,507.88.
PNC has published this index for over 30 years based on current prices of the 12 gifts in the carol.
It does it in part to entertain its clients, and you, as things slow down over the holidays. It doesn’t expect this to be taken too seriously.
But the index is based on prices of the real items. For example, prices for geese are sourced from a waterfowl farm, and PNC asks a nursery in New Jersey for the cost of pear trees.
PNC found that it was mainly a scarcity of turtledoves that drove the cost of Christmas higher. Wage growth across the economy made pipers and drummers more expensive. Though it has been a wild year for gold, the price of gold rings held steady.
Here’s PNC’s full breakdown of the 12 days. You can check out a fun infographic here.
The real economic data in fact shows inflation pressures both within and outside the US. Commodity prices are moving back up after tumbling during the past few years; earlier this week, a deal by the Organization of Petroleum Exporting Countries to limit oil production lifted prices back above $50 a barrel.
Also, the US is getting some wage inflation. Average hourly earnings rose in October at the fastest annualized rate since the recession. Though the November report released Friday showed a pullback, the trend has crept higher this year.
And, of course, the 12 days of Christmas are more expensive this year.