Prices of Treasury Inflation-Protected Securities (TIPS) with similar maturity dates can be used to measure probabilities of a net decline in the consumer price index over the five-year period starting in early 2011 or the five-year period starting in early 2012. One measure of the probability of deflation for the 2012-17 period was 8 percent on December 12, unchanged from a week earlier. The 2011-16 deflation probability ticked down from 9 percent on December 5 to 8 percent on December 12.