Bloomberg Businessweek

Calculating the True Cost of all 'The 12 Days of Christmas' Gifts

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Nov 27, 2024
Claire Babineaux-Fontenot, CEO of Feeding America, dives into the rising costs of holiday gift-giving and the staggering reality of food insecurity in the U.S. She discusses the significant role food banks play during the festive season and sheds light on the economic struggles many families face. The conversation emphasizes the need for systemic reforms to address hunger even in a prosperous nation. Claire's insights on local initiatives alongside national efforts highlight the urgency of combating food scarcity during the holidays.
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INSIGHT

Christmas Price Index Increase

  • The PNC Christmas Price Index (CPI) increased 5.4%, exceeding both last year's increase and the BLS CPI.
  • The rise is primarily driven by services, mirroring broader economic trends.
INSIGHT

Gold Rings Price Stability

  • While gold prices are up 30%, the cost of five golden rings in the PNC CPI remained flat.
  • This is because the index considers the total ring price, not just the raw material cost, which jewelers haven't increased.
INSIGHT

Service Sector Dominance

  • The service sector's increasing dominance in the US economy is reflected in the Christmas Price Index.
  • Performers' costs are rising significantly, similar to trends seen with popular concert tickets.
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