Your true love will need to raise their 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 12 Days of Christmas carol rose by 0.7% from last year. That’s slightly up from the 0.6% pace in 2015.
For over 30 years, PNC has published this index based on prices of the twelve gifts in the famous carol.
They do it partly to entertain their clients, and you, as things slow down over the holidays. They don’t expect you to take this 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 a scarcity of Turtle Doves mainly drove the cost of Christmas higher. Wage growth across the economy made pipers and drummers more expensive. And, it’s been a wild year for gold, but 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 show that there are inflation pressures 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 Organisation of Petroleum Exporting Countries to limit oil production lifted prices back above $50 per barrel.
Also, the US is getting some wage inflation. Average hourly earnings rose in October at the fastest annualized rate since the recession. Although 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.