Inflation may be headed higher the United States, but at least one price indicator is holding steady.
The 2016 PNC Christmas Price Index, which measures the cost of purchasing all the gifts mentioned in the “12 Days of Christmas” song, says that the holiday extravaganza would cost $34,363 this year, an increase of just 0.7 percent from last year. The Consumer Price Index has risen about twice as fast, at 1.7 percent over the past 12 months.
The gift with the biggest price hike was the cost of two turtledoves ($375), which spiked 29 percent due to a shortage of the birds. Rising wages also drove up prices, with the cost of 11 pipers piping ($2,708) and 12 drummers drumming ($2,934) rising 2.8 percent this year.
At $210, a partridge in a pear tree saw the biggest price decline this year. The cost of partridges fell 20 percent to $20, thanks to an increase in supply. The cost of the pear tree ticked lower as well. While gold prices have gone up and down significantly over the past five years, the cost of five golden rings has held steady at $750.
PNC has been tracking the cost of the 12 Christmas gifts since 1984. The cost has risen by 82 percent in that period, far lower than the overall rate of inflation.
The analysts also calculate the “true cost of Christmas,” which totals the cost of the 364 gifts given in the entire song, including the repeated verses. In that case, the “true love” would have to spend $156,507, a $1,000 increase over last year.