The cost of ‘The Twelve Days of Christmas’

Gift-shopping isn’t hurting the wallet much more this year than last, at for True Loves, who are finding that relative bargains at the gas station are making trips to the store worthwhile as opposed to buying online.

At least that’s what PNC Wealth Management’s 2014 PNC Christmas Price Index in showing.

The tongue-in-cheek Christmas cost analysis is in its 31st year with the financial organization based in Pittsburgh. Many have heard of the index, also called the CPI or the “True Cost of Christmas,” which is based on the Christmas carol “The Twelve Days of Christmas.”

In the carol, written from the perspective of the woman receiving the gifts, her “True Love” showers her with various birds, a fruit tree, fresh dairy products, musical and dance entertainment and, of course, a handful of gold rings.

While a partridge in a pear tree or seven swans-a-swimming probably aren’t on many wish lists today, the CPI does tend to stay relatively in line with “real” consumer price fluctuations from year to year.

“While there are exceptions in given years, what’s most interesting about the index’s history is that since the beginning, year-over-year increases have averaged 2.8 percent, which is exactly the same number as the U.S. inflation index,” Jim Dunigan, chief investment officer for PNC Wealth Management, said in a news release.

The CPI prices are real comparisons of the song items from year to year. Citing lower energy costs and calm inflation, PNC officials say the cost of the gifts from True Love add up to $27,673.22 this year, up $280.05, or 1 percent, from 2013. That, they say, is the smallest increase in a dozen years. In 2002, the index actually decreased in cost by 7.6 percent.

This year, the PNC officials say, CPI’s increase is close to the government’s Consumer Price Index, which stands at 1.7 percent for the 12 months ending in October. The government’s core index, removing volatile food and energy prices, is up 1.8 percent.

“The recurring theme seems to be that with energy prices and labor costs contained, the overall index increase has been modest despite a few large increases in individual items,” Dunigan said.

Motorists in metro Albany can attest to the lower cost of driving this year. On Thursday, gas was selling as low as $2.279 at stations that did not require cash or a loyalty or club card for that price. According to the AAA Daily Fuel Gauge report, on Thursday the average cost of gas in metro Albany was $2.36, down 85.9 cents a gallon from the $3.219 it was selling for in December 2013.

Nationally, the average cost of gas was $2.621, according to the Fuel Gauge Report, 63.5 cents per gallon cheaper than last year.

Since the Christmas Price Index was started in 1984 by a predecessor of PNC, the index has risen 118 percent. That’s pretty close to the government-figured inflation rate for the same period, which is 127 percent.

The 31st CPI survey results were revealed earlier this month on an enhanced website (www.pncchristmaspriceindex.com ) which has the theme of bringing the classic carol on which the CPI is based to today’s kids. “The Great Carol Comeback” site features 12 links that bring each gift in the song to life. The content includes a children’s book, an animated short film, a sing-a-long and several humorous musical videos that site visitors can share to help the carol stage its “comeback.”

Eight out of the 12 items in the index remained the same price as last year, but the Six Geese-A-Laying went up a whopping 71.4 percent. The only other increase of significance was the Partridge in a Pear Tree, which increased 33.3 percent, though the gift was only $20.

PNC also tabulates the “True Cost of Christmas,” which is the total cost of items gifted by a True Love who repeats all of the song’s verses. “Very thoughtful” True Loves would have to spend $116,273. 08 for all 364 gifts, up 1.4 percent from last year.

Some notes from the CPI:

— Two Turtle Doves, Four Calling Birds, Five Gold Rings, Seven Swans-a-Swimming, Eight Maids-A-Milking, Nine Ladies Dancing, 11 Pipers Piping and 12 Drummers Drumming held steady at last year’s prices.

— True Loves can splurge on entertainment this year. Of all the gifts in the entertainment category, only the 10 Lords-a-Leaping saw any increase, and by just 2 percent. Nine Ladies Dancing, 11 Pipers Piping and 12 Drummers Drumming stayed on par with their costs in 2013.

— Pear Tree: Housing and fresh fruit prices have been up recently, so the Pear Tree saw a 2 percent increase, driving the cost of the Partridge in a Pear Tree up 3.8 percent from last year.

— Maids-a-Milking: As the only unskilled laborers in the PNC CPI, the price for the eight Maids-a-Milking is represented by the minimum wage. With the Federal minimum wage flat at $7.25 per hour, hiring the maids this year will not increase labor costs.

— Surprisingly, shopping on the Internet would be no bargain for True Love. He would pay $42,959.07 to buy the items online, 8 percent more than last year and $15,285 more than buying “in person.”

— The National Aviary in Pittsburgh provided the doves and swans. The partridge price came from a national game bird supplier. A hatchery provided the cost of the hens. The price of the geese came from a waterfowl farm. A national pet chain provided the price of the calling birds, or canaries. The pear tree price came from Cinnaminson Nurseries in New Jersey. A national jewelry chain provided the cost of five 14-carat gold rings, and PHILADANCO, a modern dance company in Philadelphia, offered the price of ladies dancing.