Our friends at PNC Advisors, part of PNC Bank (NYSE:PNC), have just released their 20th annual Christmas Price Index, which seeks to track inflation by replicating the basket of goods and services that the true love buys in the classic song "The 12 Days of Christmas." This price index is in no way scientifically constructed -- it doesn't purport to offer a diverse basket of goods and services typical of consumption patterns. Heck, I don't go through more than a single pear tree per year, and in the song you have to buy 12, one for each day. Nonetheless, it does offer some fascinating insights into our economy.

This year the index nudged up 2.4%, far lower than last year's 16% gain, to a total of $17,296. When you buy the goods in repetition as required in the song, the total cost of what your true love will have to spend is $66,344, a rise of 1.6% over last year. Here's a Flash presentation to give you more detail.

The biggest price gains from a percentage basis came from the six geese, at 40% increase over last year, and the shocking 200% increase in cost for the three French hens. As both of these goods comprise very small components of the total index, at $210 and $45 respectively, their overall impact on the Christmas Price Index was small.

Most shocking to me was the nearly 30% decrease in the cost of the five golden rings, from $361 down to $255. One explanation for this may be that the rise in raw gold costs has dampened the demand for gold products; therefore, retailers have had to cut their prices. In other words, if you're in the market for wedding bands, a trip to Tiffany & Co. (NYSE:TIF) might not be as costly as you would expect. The other large decrease was in the cost of the turtle doves, down 31% in direct contrast with the rapid rise in cost of the other breeds of fowl on the list. Given the geopolitical climate, I would have found a decrease in demand for French hens more likely, but the data suggest otherwise.

Since PNC now has 20 years of data under its belt, one thing that is noticeable is the long-term appreciation of skilled labor over both unskilled labor and services. Whereas in 1984 the goods accounted for more than 60% of the total cost versus labor, in 2004, labor accounts for 74%. Strikingly, where the skilled labor groups, such as the ladies dancing and pipers piping, have increased in cost anywhere from 100% to 200% over the last 20 years, the unskilled milking maids have seen their wages depressed from outsourcing and foreign competition and have as such managed to increase their wages by only little more than 1% per year. I'd suggest our milking maids consider picking up some continuing education classes at Corinthian Colleges (NASDAQ:COCO) or DeVry (NYSE:DV). As former Harvard President Derek Bok once said, "If you think education is expensive, try ignorance."

Bill Mann tried to return his 10 lords-a-leaping last year but didn't have a receipt. The Motley Fool is investors writing for other investors.