True love’s Christmas gifts more expensive
A 33 percent gain in the cost of swans helped boost the price of the gifts in ”The 12 Days of Christmas” by more than 8 percent, according to the annual calculation by PNC Wealth Management. It was the second-biggest price increase since the company began tracking the index more than two decades ago.
The seven swans a-swimming proved to be a driver of this year’s index, carrying the greatest weight with a whopping 33.3 percent increase due to their scarcity. True Loves will spend $5,600 this year for Swans compared with $4,200 in 2007, accounting for $1,400 of the $1,573 increase. The swans typically have the largest swings in price in the PNC CPI.
Much like the government’s CPI, the PNC CPI also measures a “Core Index”—up just 1.1 percent this year – that excludes the swans. The core Consumer Price Index excludes volatile energy and food costs and is generally lower than the headline figure.
The swans, at $5,600, are the most expensive of the gifts, which this year total $21,080.10. However, if one were to buy all of the gifts in all 12 verses of the song, the true love’s tab would come to $86,608.51.
Don Mecoy
Business Writer
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