PITTSBURGH, Nov. 26 (UPI) -- Higher labor costs and gold prices affect the purchase price for the gifts in the U.S. holiday classic, "The Twelve Days of Christmas."
The 12 gifts -- from the tree-sitting partridge to the 12 drummers drumming -- cost $19,507 in 2007, the tongue-in-cheek Christmas Price Index offered by PNC Wealth Management reported Monday. The 3.1 percent year-over-year increase mirrored the U.S. government's Consumer Price Index.
The grand total for 364 items that gift-giver True Love showered upon his beloved during a 12-day spending spree is about $78,000, a 4 percent increase over last year's total, PNC, based in Pittsburgh, said in a news release.
"This year, increased commodities prices, concerns about the value of the dollar and the first minimum wage increase in 10 years were major factors in the increases to the Christmas Price Index," said James Dunigan, managing executive of investments for PNC Wealth Management. "
Those five golden rings proffered by True Love totaled $395, a 21.5 percent increase over 2006 prices. The eight maids a-milking finally got a pay raise from Congress, raising their collective rate for one hour of work to $46.80, up from $41.20. Geese costs increased by 20 percent from $300 to $360.