Jeffrey Mosher welcomes Amanda Agati, who is Chief Investment Officer for PNC’s Asset Management Group.
Amanda is a great interview and PNC's resident CPI expert, enjoy this podcast!

Amanda welcome to the Michigan Business Beat, we understand PNC’s annual Christmas Price Index® (CPI) is coming in significantly higher than the U.S. Consumer Price Index, please share some details?

As you were saying Now in its 41st year, the PNC CPI rose 5.4% — doubling last year’s 2.7% increase and surpassing the Bureau of Labor Statistics’ Consumer Price Index (BLS CPI) October year-over-year reading of 2.6%. what does it say when this bundle is double CPI and over double the Christmas set of last year?

What's the fastest and slowest price rise gifts in the dozen set?

A 12 gifts that comprise the PNC CPI increased to a tree-topping $49,263 overall - any surprises?

How long has this popular holiday measurement been conducted?

(Started in 1984 by a PNC predecessor bank in Philadelphia, PNC CPI has become a popular story and social media sensation during the holiday season. Since 1984, the BLS CPI has increased 213%, while the PNC CPI increased 146%. The methodology differences are obviously going to give distinct results, but the overall inflation trends have remained remarkably consistent over the years.)

PNC Christmas Price Index Increases 5.4%, Significantly More Than The

U.S. Consumer Price Index

· PNC calculates the cost of Christmas from the holiday song “The Twelve Days of Christmas”

· Recent inflation trends are repeating, much like the verses of the song itself

· Five of the 12 gifts had no increase compared to 2023.

Below is PNC's official release on the topic:
PITTSBURGH, Nov. 21, 2024 – National inflation levels may be on the decline, but when it comes to True Loves’ gifts, the price of decking the halls keeps rising. Now in its 41st year, PNC Bank’s annual Christmas Price Index® (PNC CPI) rose 5.4% — doubling last year’s 2.7% increase and surpassing the Bureau of Labor Statistics’ Consumer Price Index (BLS CPI) October year-over-year reading of 2.6%.

The PNC CPI measures the change in prices consumers could expect to pay for True Love’s gifts from the classic holiday carol, “The Twelve Days of Christmas.” Data is compiled by PNC’s Investment Office using sources from across the country, including dance and theatre companies, hatcheries, pet stores and others.

Unwrapping the data a little further reveals the increase in PNC CPI, like last year, was driven mainly by service costs, while bird prices mostly have yet to take flight. True Loves should hang on for deer life because overall, the 12 gifts that comprise the PNC CPI increased to a tree-topping $49,263 this year.

“Believe it or not, we’re still seeing the cause and effect of the pandemic-inflation hangover, even nearly five years later,” says Amanda Agati, chief investment officer of PNC’s Asset Management Group. “With years of steep price increases, we’d think inflation has nowhere to go, but we’d be wrong. This latest PNC CPI is an accurate reflection of what we’re seeing in the market.”

PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management.

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