The 12 days of Christmas are more expensive this year

- Advertisement -


Inflation is driving up the cost of gifts for “true love” this Christmas season.

- Advertisement -

NS christmas price index That’s up 5.7 percent in 2021 relative to its pre-pandemic level in 2019, the biggest increase in eight years, according to annual calculations published by PNC, a financial services firm.

The index measures the cost of all items in the entire verse of the Christmas song “The 12 Days of Christmas”. For example, the price of two tortoiseshell doves, five gold rings, and 10 Piper piping rose to $41,206 this year, up from $38,994 in 2019.

advertisement

The index is not meant to indicate the true value of a home for holiday gifts.

The cost of 10 Lords-a-Leaping is up 12.6 percent.

- Advertisement -

For one, it leans heavily towards luxuries and exclusive items that most individuals would not buy. The average American consumer expects to pay $648 on gifts for family, friends, and coworkers this holiday season. According For the National Retail Association.

But a lighter-than-expected Christmas price index is indicative of some broader trends in the US economy.

“Inflation has certainly been a surprising upward move this year,” said Amanda Agati, chief investment officer at PNC’s Asset Management Group. “This very distinctive gift basket is pretty much what we’re seeing in the larger economy.”

According to the US Bureau of Labor Statistics Consumer Price Index, US inflation in October rose 6.2 percent from a year earlier, the biggest increase in more than 30 years. The increase means that American households are paying more for goods in general.

The headline figure is an average that hides substantial variation. For example, costs increased for gasoline (50 percent) and used cars and trucks (26 percent), but the increase was more modest for fresh vegetables (1.7 percent) and household cleaning products (1.1 percent) over the 12-month period. Is.

The Federal Reserve’s target annual inflation is around 2 percent. It is not clear to what extent the recent spike will be prolonged or will be a temporary, pandemic-related disruption. Agatti said while consumer prices have risen this year, inflation has moderated somewhat in recent years.

According to PNC, the Christmas price index growth in 2021 is the biggest since 2013, when annual costs increased by 6.6 percent.

The increase in the Christmas Price Index in 2021 is the biggest since 2013.

Agati said exotic pets, artists and gold rings experienced the biggest price jumps this year.

For example, prices for six geese-a-laying, two turtle doves and three French chickens are up 57.1 percent, 50 percent and 40.5 percent, respectively, according to PNC’s analysis, for example, versus pre-pandemic levels in 2021.

10 Lords-a-Leaping costs 12.6 percent and 7.1 percent each for 11 pipers piping and 12 drummers drumming.

(PNC’s analysis uses costs supplied by a variety of companies. The Philadelphia Ballet supplied the costs of Lords-a-Leaping, for example, while national bird suppliers, hatcheries and waterfowl farms paid for some exotic pets. Offered. For consistency, price sources remain the same. Every year.)

Credit: www.nbcnews.com /

- Advertisement -
Mail Us For  DMCA / Credit  Notice

Recent Articles

Stay on top - Get the daily news in your inbox

Related Stories