'Christmas Price' increases $1,168

• Tweet

PITTSBURGH, Nov. 26 (UPI) -- PNC Wealth Management of Pittsburgh said increased bird feed costs were behind the 4.8 percent surge in the 2012 PNC Christmas Price Index.

The index, which each year compiles the cost of the gifts in the classic song "The Twelve Days of Christmas," recorded a $1,168 increase in the cost of Christmas to $25,431.18, a spike PNC attributed to drought conditions boosting the feed costs for large birds.

"The rise of the PNC CPI is larger than expected considering the modest economic growth we've had over the past 12 months," said Jim Dunigan, managing executive of investments for PNC Wealth Management. "Despite some weak spots in the economy, consumer balance sheets are improving along with consumer confidence, which means this may still be a spirited holiday season."