Twenty-seven years ago, the chief economist at PNC decided to figure out how much it would cost to buy each of the gifts in "The 12 Days of Christmas." Little did he know, he was starting an economic tradition that continues to this day.
"Each year, we can track how gift prices change. We'll call it The Christmas Price Index! Then we'll add up the prices of all 78 gifts in the song to get the Total Cost of Christmas."
The PNC Christmas Price Index® is similar to the Consumer Price Index, which measures changes in prices of goods and services like housing, food, clothing, transportation and more that reflect the spending habits of the average American.
The goods and services in the PNC Christmas Price Index® are far more whimsical. But most years, their price changes closely mirror those in the Consumer Price Index. It's a fun way to measure consumer spending and trends in the economy. So even if pipers piping or geese a-laying didn't make your gift list, you can still learn a lot by checking out how their prices have gone up and down over the years.