Among the PCE price index components, year over year, the nondurable goods subindex was down 3.7 percent in January, a further decline from December's fall of 1.4 percent and below the 12-month average of 0.3 percent. The durable goods subindex was down 2.8 percent year over year in January, from the 2.7 percent decline in December, and consistent with the long-term deflationary trend in the durable goods market. The services subindex rose 2.0 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 the prerecession rate of a little more than 3 percent.
