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Inflation is increasing the cost of gifts for “true love” this Christmas season.
NS Christmas price index According to annual calculations released by financial services firm PNC, 2021 is the largest increase in eight years, up 5.7% from pre-pandemic levels in 2019.
This index measures the cost of all items in all sections of the Christmas song “12 Days of Christmas”. For example, the price of two turtle pigeons, five gold rings, and ten piper plumbing has risen from $ 38,994 in 2019 to $ 41,206 this year.
This index is not intended to show the actual cost of a holiday gift household.
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For one thing, it’s heavily biased towards luxury and special items that most individuals don’t buy. The average American consumer expects to pay $ 648 for gifts to family, friends, and colleagues this holiday season. according to To the National Retail Federation.
However, the easy-going Christmas price index shows some broad trends in the US economy.
Amanda Agati, Chief Investment Officer of PNC’s Asset Management Group, said: “This very special gift basket almost reflects what you see in a large economy.”
Inflation in the United States 6.2% surge According to the Consumer Price Index of the US Bureau of Labor Statistics, October was the largest increase in more than 30 years compared to the previous year. This increase means that American households generally pay more for commodities.
The numbers in the heading are averages that hide enough fluctuations. For example, the cost of gasoline (50%) and used cars and trucks (26%) is rising, but the 12-month rise in fresh vegetables (1.7%) and household cleaning products (1.1%) is not that great. ..
The Federal Reserve is aiming for inflation of about 2% annually. It’s unclear how long the recent surge will last, or whether it will be a temporary pandemic-related mess. According to Agati, this year’s rise in consumer prices has made up for some of the moderate inflation in recent years.
According to the PNC, the increase in the Christmas price index in 2021 is the largest since 2013, when annual costs increased by 6.6%.
Exotic pets, performers and gold rings have experienced the biggest price increases this year, Agati said.
For example, according to PNC analysis, the prices of 6 geese spawning, 2 turtle doves and 3 French hens in 2021 increased by 57.1%, 50% and 40.5%, respectively, compared to pre-pandemic levels. doing.
The cost of jumping 10 lords increased by 12.6%, with 11 Piper Piping and 12 Drummer Drumming each increasing by 7.1%.
(The PNC analysis uses costs provided by various companies. For example, Philadelphia Ballet offers the cost of leaps, and national bird suppliers, hatcheries, and waterfowl farms are some exotic. We paid for the pets. To be consistent, the price source remains the same. It’s the same every year.)
Inflation is raising the cost of Christmas 12 days
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