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12 Days of Christmas

Back in 1983, the economists and researchers at the Pittsburgh-based firm PNC Financial Services Group decided to calculate the cost of everything in the lyrics from ’The twelve days of Christmas’. Their intention was to entertain clients (and, we suspect, themselves) during the traditionally slow holiday weeks. This proved very popular and, every year since, a team has produced an index of the price changes as an alternative way to help ‘True Loves’ understand how the inflation component of economics works. Indeed, at this time of year, schools across the US use the trademarked PNC Christmas Price Index (PNC CPI) to educate students about the core economic trends impacting their country. This year, to quote Jim Dunigan, the chief investment officer of PNC Asset Management; “True Loves should be thrilled that they can have their goose and better afford the gas to roast it too!”

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