The major economic concern this year has been inflation. The latest data suggest that prices have risen by 7.1 percent over the last year. This has hit consumers’ pockets hard and at this time of the year made Christmas more expensive but by how much?
A whimsical take on the cost of Christmas is provided by PNC bank which calculated the cost of the presents in the 12 days of Christmas.
A partridge in a pear tree is 25.8 percent more expensive due to the higher cost of fertilizer.
Higher feed costs make two turtle doves 33 percent more expensive and three French hens 25 percent more expensive.
The four calling birds see no change in their cost while five gold rings are 39 percent more expensive on rising commodity prices.
Geese are up in price, but swans are unchanged.
Eight maids milking see no change in their costs, due to a stagnant minimum wage. However, more skilled workers such as dancing ladies, pipers, and drummers saw costs increase by up to 10 percent. Ten lords leaping will set you back $13,980.
Overall, the cost of the 12 days of Christmas is $45,523.27 according to PNC, an increase of 10.5 percent from last year. However, the true costs of the 12 days of Christmas are higher because PNC fails to account for the fact that on the second day, your true love gave you two turtle doves and (another) partridge in a pear tree. Accounting for multiple gift-giving brings the costs to $209,071.09.
As for my true love, she may be getting a coat. Women’s outerwear is actually 2.0 percent cheaper than a year ago!
