(FORTUNE Magazine) – According to the number crunchers at Pittsburgh's PNC Bank, this will be a good holiday season for consumers. Why? Because the cost of all the items in the song "The 12 Days of Christmas" went up only 1.16% from last year, to a grand total of $15,944. Says J. Patrick Bradley, chief economist of the bank's asset management group: "According to our calculations, inflation is and will remain under control in 1995. Perhaps Fed chairman Alan Greenspan should ask us to send him a copy of our inflation indicator -- the Christmas Price Index." The main item driving up the cost is those five gold rings, which now cost $450, vs. $325 last year. But the sound of music also took a toll. Eleven pipers piping will put you out $1,109, up 2.6% from 1993; the price tag on a dozen drummers drumming also rose 2.6%, to a resonant $1,202. All other items cost the same as last year. Some may find this makes this year's list affordable, but before you run off to bring this panoply of presents to your true love -- as the song urges -- consider the hidden costs. These include a new carpet, given all those birds; a pool, so the seven swans can a-swim; replacements for windows shattered by the pipers and drummers; and eight cows -- after all, the maids must milk something.