Prices of 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 12 percent on May 23, up from 11 percent a
week earlier. The deflation probability for the
2011-16 period remained at 11 percent.