Among the PCE price index components, year over year, the nondurable goods subindex was down 1.6 percent in December, from November's decline of 0.02 percent and below the 12-month average of 0.6 percent. The durable goods subindex was down 2.8 percent year over year in December, one-tenth of a percentage point down from November's pace, and consistent with the long-term deflationary trend in the durable goods market. The services subindex rose 2.1 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 over 3 percent prerecession.
