Who says there's no inflation? Much of the pain comes from gold at $800 an ounce. Those five gold rings are going to cost you. Priced in pounds sterling, of course, the gifts would be much cheaper, thanks to the strong British currency. (It is an English Christmas carol, after all.) 

23rd ANNUAL PNC CHRISTMAS PRICE INDEX UP 3.1 PERCENT; RISING WAGES FOR MILKMAIDS, HIGHER COMMODITY PRICES LEAD INCREASES -

Cost of “Twelve Days of Christmas” Song Items Reflect Consumer Pricing Trends -

PITTSBURGH, Nov. 26, 2007 – The significantly higher price of gold and increased compensation for minimum wage workers will make Christmas more expensive this year, according to the PNC Christmas Price Index. The tongue-in-cheek economic analysis by PNC Wealth Management is based on the cost of gifts in the holiday classic, “The Twelve Days of Christmas.”

According to the 23rd annual survey, the cost of “The Twelve Days of Christmas” is $19,507 in 2007, a 3.1 percent increase over last year. The rise in gift prices mirrored the U.S. government’s Consumer Price Index – a widely used measure of inflation calculated by the Bureau of Labor Statistics. The Consumer Price Index is up 3.5 percent so far this year.

“Each year, the Christmas Price Index reflects trends in the broader economy,” said James Dunigan, managing executive of investments for PNC Wealth Management. “This year, increased commodities prices, concerns about the value of the dollar and the first minimum wage increase in 10 years were major factors in the increases to the Christmas Price Index.”