Christmas Costs Rise Due to Inflation in the Pear-Tree Market
Total cost of the 12 Days of Christmas this year: $18,920.59 according to the PNC Christmas Price Index, as reported at money central:
The annual PNC Christmas Price Index, based on the cost of the items in “The 12 Days of Christmas,” rose 3.1% this year, with the sharpest increase coming from the 44% jump in pear tree prices.
“Robust commercial construction is sparking landscapers’ demand for ornamental trees, such as the species of pear used in the survey,” said Jeff Kleintop, chief investment strategist for PNC Wealth Management, which creates the annual survey.
…”The Christmas Price Index reflects trends in the broader economy,” said Kleintop. “After years of stagnation, wages for skilled workers, including the song’s dancers and musicians, have increased as the labor market has tightened. Also, a decline in the housing market has dampened demand for luxury goods, such as gold rings.”
…According to Philadanco, the Philadelphia Dance Company, the cost of nine ladies dancing was $4,759, 4% more than in 2006. The women’s wage increase outstripped those of their performing peers: The cost of lords a-leaping rose 3%, while the musicians — the drummers drumming and the pipers piping — earned 3.4% more than in 2005.
Maids a-milking, who are paid the minimum wage, were the only service providers not to see an increase this year. The federal minimum wage has been set at $5.15 per hour since 1997. Inflation since 1996 has steadily eroded the purchasing power of the hourly minimum, which would be worth $4.04 in 1996 dollars.
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