PNC Christmas Price Index 2025: Holiday Cheer Costs 4.5% More

Christmas Price Index Overview

• 🎄 The PNC Christmas Price Index (CPI), now in its 42nd year, shows a 4.5% year-over-year increase in the cost of gifts from "The Twelve Days of Christmas."
• 📈 This increase outpaces the Bureau of Labor Statistics' Consumer Price Index (CPI) of 3.0% for October.
• 💡 The PNC CPI serves as a light-hearted indicator of inflation and consumer costs during the holiday season.

Biggest Price Movers

• 💍 The most significant price jump was for "five golden rings," with gold prices increasing by a hot 32.5%, reflecting potential margin squeezes in the late economic cycle.
• 🍐 The "pear tree" also saw a notable increase, serving as a proxy for the current housing market, which remains hot with challenged affordability and short housing stock.
• 🎤 "Ten Lords a-Leaping" experienced the largest year-over-year increase, driven by demand for live entertainment and concert tickets, with Oasis mentioned as an example of high demand.

Stable and Flat Items

• 🕊️ Several gifts remained flat on a year-over-year basis, including "two turtle doves," "three French hens," "four calling birds," "seven swans," and "eight maids a-milking."
• ⚠️ While some items showed stability, significant price increases in the top few items indicate a higher overall cost for consumers this holiday season.

Economic Implications

• 📊 While the PNC CPI is not a reflection of the broad economy, it offers insights into pricing trends for higher-end goods and services.
• 🛍️ Consumers are continuing to spend, with solid retail sales data and a positive outlook for holiday shopping, despite the increased costs.
• 🔍 Key data points to watch for the first half of 2026 include retail sales, savings rates, and consumer sentiment, though current data may be stale or incomplete.