The ‘12 Days of Christmas’ gifts will set you back a lot more this year

Nov 21, 2022, 11:00 AM
christmas decorations candles in glass jars with fir on a old wooden table...
Photo: Adobe Stock

(CNN Business) — Thanks to inflation, your “True Love” will have to spend a pretty (expensive) penny when showering you with turtle doves, golden rings, and a dozen drummers this holiday season.

The cost for the dozen items outlined in the “Twelve Days of Christmas” song hit a record high this year of $45,523.27. That’s a 10.5% leap from last year, according to financial services firm PNC, which released its 39th annual Christmas Price Index on Thursday.

The festive CPI, which measures the average change in prices for the 12 gifts in the classic Christmas carol, is running even hotter than the more traditional Consumer Price Index, which measured 7.7% in October. Still, both indexes share some similar themes: the effects of elevated energy and commodity pricessupply chain challenges, and a tight labor market boosting services inflation.

For example, the cost of a partridge in a pear tree is up nearly 26%, driven entirely by spiking fertilizer costs; French hens and turtle doves are more expensive because their food — much like ours — has become pricier; investors rushing to “store-of-value” assets including precious metals caused gold ring prices to skyrocket 39%; and labor shortages and wage increases mean those lords-a-leaping and ladies dancing are earning 24% and 10% more, respectively.

While the majority of the products in this festive basket of goods saw prices increase, the cost of a partridge and four calling birds held steady. Also unchanged, once again, is the price tag for eight maids who earn minimum wage milking cows. The octet’s services run at a total of $58 an hour — a rate that has not shifted since the federal minimum wage was increased to $7.25 per hour in 2009.

The “core” holiday CPI, which excludes swings in the sky-high costs of having seven swimming swans whose prices and availability have varied in the past, rose 15.4%.

“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,” Amanda Agati, chief investment officer for PNC Asset Management Group, said in a statement.

The “True Cost of Christmas” for the total items repeated in all of the song’s verses — 364 in all — would be $197,071.09. That’s a 9.8% increase from 2021, according to PNC.

PNC says its lighthearted take on the Bureau of Labor Statistics’ CPI is meant to highlight market changes over time while both educating consumers about the economy — and sparking some holiday joy.

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Today’s Top Stories

a puppy is pictured, national puppy day is this week...
Kate Davis and Ben McGonnell

Best Friends Animal Society urges Utahns to adopt local on National Puppy Day

March 23 marks National Puppy Day, but this year it also signals the start of the Best Friends Animal Society's Adopt Local Challenge.
15 hours ago
home for sale in hot housing market...
Alexandrea Bonilla

Home prices are down and so are the size of apartments

SALT LAKE CITY — Ending more than a decade of year-over-year increases, the average cost of a U.S. home was down 0.2% in February, sitting at $363,000.  Utah followed suit, with a 7.6% decrease compared to prices last year. The average home in Utah costs around $464,000, according to the Utah Association of Realtors.  “What […]
15 hours ago
Sherree Warren pictured...
Samantha Herrera

COLD: Lying Liars

Cary Hartmann hopes DNA will prove his innocence. But an informant tells police Cary might’ve buried Sheree Warren’s body next to a highway.
15 hours ago
dps helicopter pictured...
Adam Small

DPS helicopter rescues trending up this year

The Department of Public Safety says preparation and caution go a long way toward staying safe outdoors.
15 hours ago
byu president c. shane reese pictured...
Samantha Herrera

BYU announces new president

The appointed BYU president, C. Shane Reese, currently serves as BYU's academic vice president.
15 hours ago
lori daybell...
Dan Bammes

Death penalty off the table for Lori Vallow Daybell

Lori Daybell and her husband Chad stand accused of the murders of her two children.
15 hours ago

Sponsored Articles

Cheerful young woman writing an assignment while sitting at desk between two classmates during clas...
BYU EMBA at the Marriott School of Business

Hear it Firsthand: 6 Students Share Their Executive MBA Experience at BYU’s Marriott School of Business

The Executive MBA program at BYU offers great opportunities. Hear experiences straight from students enrolled in the program.
Skier being towed by a rider on a horse. Skijoring....
Bear Lake Convention and Visitors Bureau

Looking for a new winter activity? Try skijoring in Bear Lake

Skijoring is when someone on skis is pulled by a horse, dog, animal, or motor vehicle. The driver leads the skiers through an obstacle course over jumps, hoops, and gates.
Banner with Cervical Cancer Awareness Realistic Ribbon...
Intermountain Health

Five common causes of Cervical Cancer – and what you can do to lower your risk

January is National Cervical Cancer Awareness month and cancer experts at Intermountain Health are working to educate women about cervical cancer.
Kid holding a cisco fish at winterfest...
Bear Lake Convention and Visitors Bureau

Get ready for fun at the 2023 Bear Lake Monster Winterfest

The Bear Lake Monster Winterfest is an annual weekend event jam-packed full of fun activities the whole family can enjoy.
happy friends with sparklers at christmas dinner...

15 easy Christmas dinner ideas

We’ve scoured the web for you and narrowed down a few of our favorite Christmas dinner ideas to make your planning easy.
Spicy Homemade Loaded Taters Tots...

5 Game Day Snacks for the Whole Family (with recipes!)

Try these game day snacks to make watching football at home with your family feel like a special occasion. 
The ‘12 Days of Christmas’ gifts will set you back a lot more this year