22nd ANNUAL PNC CHRISTMAS PRICE INDEX UP 3 PERCENT; DANCERS, DRUMMERS AND PIPERS EARN MORE IN TIGHT LABOR MARKET
PITTSBURGH, Nov. 27, 2006 – Historically low unemployment is making it more expensive to give the gift of live entertainment this year, according to the PNC Christmas Price Index. The tongue-in-cheek economic analysis by PNC Wealth Management is based on the cost of gifts in the holiday classic, “The Twelve Days of Christmas.”
According to the 22nd annual survey, the cost of “The Twelve Days of Christmas” is $18,920 in 2006, a 3.1 percent increase over last year. Gift prices mirrored the U.S. government’s Consumer Price Index – a widely used measure of inflation calculated by the Bureau of Labor Statistics.
As part of its annual tradition, PNC Wealth Management also tabulates the “True Cost of Christmas,” which is the total cost of items gifted by a True Love who repeats all of the song’s verses. This holiday season, very generous True Loves will pay more than ever before – $75,122 – for all 364 items, up from $72,608 in 2005. This 3.5 percent increase is substantially less than last year’s 9.5 percent increase. Kleintop observed that Christmas Price Index inflation may reflect trends that led the Federal Reserve to pause interest rate hikes this year.
Okay, I just had to share that...pretty funny stuff, right?
So...now that Black Friday and Cyber Monday are over, the Christmas shopping season is officially underway! Any special gifts you're hoping to receive? Or maybe a special gift you're buying for your True Love? :-) Leave me a comment!