The price of spreading holiday cheer just went up again.

The cost of buying all the gifts from “The 12 Days of Christmas” has climbed to $51,476.12 this year, according to PNC’s annual Christmas Price Index released last month. That’s a 4.5% jump from last year and outpaces the broader inflation rate of 3% reported by the Bureau of Labor Statistics in October.

For Georgia families already grappling with what’s been dubbed “giftflation,” the increase adds another layer of financial pressure to an expensive holiday season.

The PNC Christmas Price Index, now in its 42nd year, tracks the cost of True Love’s gifts using data from dance companies, hatcheries, pet stores and other sources across the country. While the index started as a lighthearted take on economic trends, this year’s numbers reflect real challenges facing consumers.

“This year’s increase reflects labor market pressures and economic uncertainty, not tariffs—True Love’s list is all domestic,” said Amanda Agati, chief investment officer of PNC Asset Management Group.

That means that for real consumers in the U.S. who often buy toys and electronics that are manufactured in China, the increase is going to work out to more than 4.5%, since the True Love doesn’t have to worry about international products, but the rest of us do.

Five gold rings made the biggest splash, soaring 32.5% to $1,649.90. The jump mirrors broader gold market trends, where prices rose 45% through October as investors sought refuge from inflation concerns. A weakening U.S. dollar made gold even more attractive, adding to the surge.

Performance costs also jumped. The nine ladies dancing, ten lords-a-leaping, eleven pipers piping and twelve drummers drumming collectively increased 5.4%, following last year’s 7.9% spike. Rising wages and labor costs continue pushing service prices higher.

The pear tree saw a 14.3% increase to $400, driven by higher costs for land, labor and fertilizer. The partridge itself held steady at $20.18, but the combined partridge-and-pear-tree gift now costs $420.18.

Five of the twelve gifts saw no price increases this year. Turtle doves, French hens, calling birds, swans-a-swimming and maids-a-milking all remained flat compared to 2024.

For Georgians already watching their holiday budgets, the index reflects broader economic pressures. Recent surveys show Georgia consumers expect to cut holiday spending by 5% this year, with gift budgets dropping 11% to an average of $721, according to PwC’s Holiday Outlook.

The state’s inflation rate peaked at 9% in 2022 before falling to 3% and holding steady, tracking closely with national trends. But those cumulative increases since 2020 have significantly eroded purchasing power for families across Georgia.

Even shopping online offers no relief, with the total internet shopping bill reaching $55,748.05 despite a slightly lower inflation rate of 3.1%. Elevated shipping and packaging costs keep online prices higher overall. Anyone actually buying all 364 gifts mentioned in the song’s repetitive verses would face a bill of $218,542.98, up 4.4% from last year.

The index’s “core” version, which excludes the notoriously volatile swans, rose 6.1%. Interestingly, swan prices held flat this year after typically showing the most dramatic swings.

“With the Fed signaling looser policy, 2026 will reveal whether inflation finally cools or remains the lump of coal in holiday stockings,” Agati said.

PNC launched the Christmas Price Index in 1984 as a creative way to explain economic concepts to clients. The annual tradition has evolved into an educational tool that uses holiday whimsy to illustrate real market forces affecting consumers.

For Georgia families, the rising costs come at a time when tariffs on imported goods, including many toys, have driven up prices across popular gift categories. Nearly two-thirds of U.S. consumers say inflation and cost of living will impact their holiday spending, with many planning to buy fewer items or scale back their gift lists.

The complete breakdown and interactive charts are available on PNC’s Christmas Price Index website.