Among the PCE price index components, year over year, the nondurable goods subindex was down 0.1 percent in November, from October’s 0.8 percent pace and below the 12-month average of 0.8 percent. The durable goods subindex was down 2.6 percent year over year in November, four-tenths of a percentage point down from October’s pace and consistent with the long-term deflationary trend in the durable goods market. The services subindex rose 2.2 percent year over year. Services, which account for nearly two thirds of personal expenditures, have experienced relatively stable inflation of around 2 percent since 2010, down from a little more than 3 percent before the last recession.
