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 6 percent on December 19, down slightly from 8 percent on December 12. The 2011-16 deflation probability ticked down from 8 percent on December 12 to 7 percent on December 19.