Because of decades-high inflation, your true love would need to spend a good bit more this year to buy everything mentioned in the classic holiday carol “The Twelve Days of Christmas.”

PNC’s annual “Christmas Price Index” estimates the price tag at $45,523.27 — up 10.5% from last year. It’s the third highest year-over-year increase since the financial services company began publishing the index in 1984 and the highest since the index rose by 11% in 2003.

"This is a disquieting development for many, as pandemic-related supply chain disruptions and elevated energy and commodity prices continue to impact the cost of goods and services,” said Amanda Agati, chief investment officer for PNC Asset Management Group. “Despite True Loves' generous intentions, the gifts that make up the PNC CPI are not well-insulated from what is being experienced across the broader economy.”

The report is meant to be a light-hearted, holiday-themed take on the U.S. Consumer Price Index, which measures changes in goods and services. Inflation peaked in June at 9.1% compared to 12 months before. The number fell to 7.1% in November, a sign that prices are easing. 

This year, five golden rings — 14 karat for the index’s purposes — saw the biggest cost increase, up 39.1% to $1,245. PNC says inflation prompted some investors to put their money in store-of-value assets like gold, leading to a surge in the price of the precious metal.

Two turtle doves, meanwhile, cost 33.3% more than year ago, due in large part to the rising cost of feed, PNC said.

On the other end of the spectrum, prices remained flat from a year ago for four calling birds (canaries), seven swans-a-swimming and eight maids-a-milking. In fact, the $58 cost of eight maids-a-milking has remained unchanged for a decade. Their price reflects the federal minimum wage, which has been the same since July 2009.

But the report noted that higher prices for services (up 14.5%) outstripped goods (up 4.2%), meaning performers such as nine ladies dancing (modern dancers), 10 lords-a-leaping (the Philadelphia Ballet), 11 pipers piping and 12 drummer drumming were big drivers in this year’s Christmas Price Index.

The report also measures the “True Cost of Christmas,” which is the total cost of the gifts when adding up each mention throughout the entire song. This year’s price tag is $197.017.09 — 9.8% higher than last year.

As the Federal Reserve tries to rein in inflation by raising interest rates, Agati predicted 2023 could be another uneven year for the U.S. economy.

"Markets continue to focus on two critical variables for the path forward: signs of inflation peaking and rolling over, and the Fed completing its tightening of financial conditions. In the absence of confirmation on both, we think the high volatility regime is going to continue to dominate and markets are likely to stay pretty choppy," she said.

Here are the prices, according to PNC, for each of the items in “The Twelve Days of Christmas” and the percentage change from 2021.

• A partridge in a pear tree: $280.18 (+25.8%)
• Two turtle doves: $600 (+33.3%)
• Three French hens: $318.75 (+25%)
• Four calling birds: $599.96 (unchanged)
• Five golden rings: $1,245 (+39.1%)
• Six geese-a-laying: $720 ($9.1%)
• Seven swans-a-swimming: $13,124.93 (unchanged)
• Eight maids-a-milking: $58 (unchanged)
• Nine ladies dancing: $8,308.12 (+10%)
• 10 lords-a-leaping: $13,980 (+24.2%)
• 11 pipers piping: $3,021.40 (+2.6%)
• 12 drummers drumming: $3,266.93 (+2.6%)