Forget Bernanke’s deflation fears and pay attention to your wallet. Inflation is It will confirm the validity of the PNC financial services group index. The CPI claims that inflation is hovering about 1% but the price of the 12 days of Christmas has jumped 9.2%, the second highest in the past 27 years:
Despite a sluggish economy and low inflation, the 2010 PNC Christmas Price Index® surged 9.2 percent in the whimsical economic analysis by PNC Wealth Management based on the gifts in the holiday classic, “The Twelve Days of Christmas.”According to the 27th annual survey, the price tag for the PNC CPI is $23,439 in 2010, $1,974 more than last year. This is the second highest jump ever and largest percentage increase since 2003 when the index rose 16 percent. That comes on the heels of a modest 1.8 percent increase a year ago.