The 2008 CPI

The recession has affected us all, and it's hit the Christmas Price Index pretty hard. In case you have no idea what I'm talking about, the Christmas Price Index (CPI) is brought to us by the good folks at PNC Bank, and it's the total price tag for all of the gifts mentioned in the Christmas carol "The Twelve Days Of Christmas." For 2008, the total is $21,080 - up $1,573, or 8.1%, from last year.

The Seven Swans-a-swimming had the biggest increase with a whopping 33.3 percent increase due to their scarcity. True Loves will have to peel $5,600 this year for the Swans compared with $4,200 in 2007, accounting for $1,400 of the total $1,573 increase. Other large percentage increases were also seen in Turtle Doves (37.5%), Partridges (33.3%) and Pear Trees (33.3%). With gas prices at $4 a gallon this summer and fall, shipping costs for the birds and trees had to be passed along to the customer. There is good news, though - True Loves will pay less for the Five Golden Rings this year. Their price dropped by 11.4% as retailers are trying to move luxury merchandise this season.

As the only unskilled laborers in the Christmas Price Index, the eight Maids-a-milking received a raise for the second straight year, due to another increase in the federal minimum wage. Before 2007, they hadn't received a raise since 1997. In the last two years, the Maids have seen their wages increase by $1.40 per hour, an increase of 27%. Still, the Maids will cost the True Love $52.40 this year, only $5.60 more than a year ago -- a bargain in the PNC CPI. Most of the performers in the index - the Drummers Drumming, Pipers Piping and Lords-a-leaping - jumped a modest 3%, which was approximately the cost of living. The price for the Ladies Dancing remained the same.

For the True Loves that prefer the convenience of online shopping, PNC also calculated the cost of the gifts if purchased online. This year's total cost of the gifts if purchased on the web was $31,957 - almost $11,000 more than in the traditional index. But that's the price you pay for convenience. Personally, this is the route that I would take. One of my mantras is "the older I get, the more I'm willing to pay for convenience." And the more I'm willing to pay for Seven Swans-a-swimming.