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Each holiday season teachers across the country eagerly await the publication of the PNC Christmas Price Index® (PNC CPI). Introduced 37 years ago as a way to engage clients, the PNC CPI has since become one of PNC’s most anticipated reports.

The PNC CPI examines the current costs of the goods and services that True Love gave more than three centuries ago as recounted every Christmas in the classic holiday song The Twelve Days of Christmas.

PNC calculates the modern costs of these presents from antiquity to create a measure of inflation, much in the same way as the US Department of Labor’s Bureau of Labor Statistics uses the costs of a selected basket of consumer goods and services to calculate the Consumer Price Index (CPI).

CLICK HERE for the 2020 PNC Christmas Price Index.


While we can’t say that the current pandemic is unprecedented (the world faced a similar health crisis in 1918), it has been an extremely long time. COVID-19 has disrupted every aspect of our modern lives from small, personal activities like getting a haircut to broader, far-reaching events that impact the economy.

This is evident in the 2020 PNC CPI, as the unavailability of several of True Love’s gifts like Ladies Dancing caused a 51.8% decrease in the overall cost of Christmas. At the same time, the scarcity of individual gifts like turtle doves caused dramatic increases in price. The cost of two turtle doves went up 50% this year!

The Stock Market Game™ Lesson

Every holiday, shortly after the release of the PNC CPI, the SIFMA Foundation with the support of PNC publishes activities meant to emphasize the economic lessons and teachable moments in the PNC CPI.

  1. Click Lesson to read about the role of a price index and the impact COVID-19 has had on it this year.
  2. The Articles link provides access to the articles discussed in the lesson.
  3. Practice provides opportunities to apply the knowledge gained from the lesson.
  4. Guide includes the answer keys to the practice activities.

Lesson button Articles button Practice button Guide button


The PNC Financial Services Group, Inc. 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. For information about PNC, visit

The SIFMA Foundation is dedicated to fostering knowledge and understanding of the financial markets for individuals of all backgrounds. Drawing on the support and expertise of the financial industry, the SIFMA Foundation provides financial education programs and tools that strengthen economic opportunities across communities. For more about the Foundation follow @sifmafoundation on Facebook, Instagram, and Twitter.