Christmas costs are climbing again! For its 42nd year, the PNC Christmas Price Index (PNC CPI) has assessed the cost of the gifts from the classic holiday carol “The Twelve Days of Christmas”. This year the costs have risen 4.5% compared to last year, outpacing the US Bureau of Labor Statistics’ Consumer Price Index (BLS CPI) October year-over-year reading of 3.0%.
Launched in 1984, the PNC CPI takes a light-hearted look at the costs of Christmas and measures the change in prices consumers could expect to pay for True Love’s gifts. Data is compiled by PNC’s Investment Office using sources from across the country, including dance and theatre companies, hatcheries, pet stores and others. Overall, the 12 gifts that comprise the PNC CPI increased to a tree-topping $51,476.12 this year.
“This year’s increase reflects labor market pressures and economic uncertainty, not tariffs—True Love’s list is all domestic,” said Amanda Agati, chief investment officer of PNC Asset Management Group.
Wallets really take a hit this year, with the “True Cost of Christmas,” coming in 4.4% higher at a whopping $218,542.98 to purchase all 364 gifts – buying all the gifts with the verses repeated. Tech-savvy Santas might avoid long lines and parking lot adventures by shopping online with its lower inflation rate of 3.1%, but the total shopping bill remains higher at $55,748.05. The convenience of shopping from home is still impacted by elevated shipping and packaging costs.
Skyrocketing 32.5% year-over-year, Five Gold Rings represent the single largest increase by far, in 2025, but still not as steep when compares to the 45.0% jump in gold prices.
Like everywhere, labour costs keep rising with performers; The Nine Ladies Dancing, Ten Lords-a-Leaping, Eleven Pipers Piping and Twelve Drummers Drumming bargaining an increasing 5.4% this year, not quite as large of a leap as last year’s 7.9%.
The Partridge price was unchanged but there was a whopping 14.3% jump in price for the Pear Tree. Land, labor, and fertilizer have driven up tree prices like most agricultural produce this year.
Prices also held steady this year for the Two Turtle Doves, Three French Hens, Four Calling Birds, Seven Swans-A-Swimming and Eight Maids-A-Milking. Usually the Swans-A-Swimming are the more volatile priced gift so the fact that there was no change is perhaps a good sign for economists. Is it a sign that inflation may be cooling or will it remain a burden, like the Christmas fruit cake no one wants.
For more details and fun, educational, interactive charts, visit PNC’s interactive Christmas Price Index website.