PITTSBURGH (WSVN) — PNC Bank’s 40th annual Christmas Price Index (PNC CPI) reveals a 2.7% increase this year, lower than the previous year’s 10.5%. Released at a time of heightened economic scrutiny, the index mirrors trends in the U.S. economy, with labor costs being a significant driver.
The 12 gifts from the classic carol, “Twelve Days of Christmas,” now total $46,729.86, with five gifts, including five gold rings and eight maids-a-milking, seeing no increase in price compared to 2022.
The partridge in a pear tree remains unchanged, but the pear tree itself saw a 15% jump, reflecting housing costs.
Dr. Amanda Agati, Chief Investment Officer for PNC’s Asset Management Group, highlighted the impact of the Federal Reserve’s interest rate decisions and global economic factors on this year’s index.
“Certain industries are experiencing stickier inflation than others, some of which is well beyond the Fed’s control,” said Agati in a news release.
Despite the overall increase, Agati notes that wage growth surpasses the PNC CPI, offering a silver lining for holiday spending.
“The good news is that wage growth is now higher than the PNC CPI, which should help True Loves deck the halls this year, considering we are still in a high-inflation environment,” she said.
While some gifts show stability, performers like 10 lords-a-leaping and 11 pipers piping experienced price hikes, contributing to a 3.3% increase in the overall cost of performers.
As technology influences holiday shopping habits, PNC’s interactive website indicates that purchasing all gifts online costs 4.8% more than in 2022, reaching $52,024.03. Additionally, the evolution of the PNC CPI over 40 years reflects a shift from goods to services in the U.S. economy.
Turtle doves take the spotlight with a soaring 25% increase, accentuating the impact of limited supply on pricing.
The PNC CPI’s Core Index, excluding the volatile Seven swans-a-swimming, rose by 3.7%, signaling potential economic trends.
As consumers navigate this holiday season, the PNC CPI serves as a unique barometer, reflecting changes in consumer behavior and the broader economic landscape.
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