A Partridge and a Price Hike

PNC’s 2025 Christmas Price Index: Holiday Cheer Comes at a Premium

A Holiday Tradition With a Rising Price Tag

Christmas is getting more expensive—at least according to the 2025 PNC Christmas Price Index®, the whimsical annual analysis that calculates the cost of every gift mentioned in “The Twelve Days of Christmas.” Now in its 42nd year, the index shows a 4.5% increase from 2024, rising faster than the national inflation rate. Buying all 12 gifts literally listed in the song now totals $51,476.12, with the complete “True Cost of Christmas” (all 364 repeated gifts) reaching an eye-popping $218,542.98.

The index, created in 1984, uses real-world data from hatcheries, dance companies, pet stores, and other sources to track these playful—but telling—holiday price shifts.

Gold Rings Soar, Performers Get Pricier

This year’s biggest surprise? Five Gold Rings, which jumped 32.5%, driven by surging gold prices, persistent inflation, expectations of Federal Reserve rate cuts, and a weaker U.S. dollar. Performance-related gifts—such as Ladies Dancing, Lords-a-Leaping, Pipers Piping, and Drummers Drumming—rose collectively by 5.4%, continuing an upward trend tied to labor market pressures.

Tree prices also climbed sharply, with the Pear Tree up 14.3%, reflecting increases in land, labor, and fertilizer. Yet five other gifts—including Swans-a-Swimming and French Hens—held steady with no inflation compared to 2024.

Inflation Echoes the Song’s Refrain

PNC’s core index (excluding the more volatile swans) rose 6.1%, echoing ongoing inflation concerns despite falling mortgage rates and hints of looser monetary policy ahead. Even online shopping doesn’t offer much relief. Though its inflation rate is lower at 3.1%, higher shipping and packaging costs push the virtual total to $55,748.05.

PNC analysts say 2026 will reveal whether inflation settles—or remains the stubborn “lump of coal” in Americans’ holiday budgets.