There is a long way to go in this title race and plenty of points to be won yet, but the longer Manchester City play like this, the longer Liverpool will feel that it really is their year. And perhaps Tottenham, too.
Spurs, after all, are the latest side to benefit from a City slip-up, moving ahead of Pep Guardiola's side after their resounding 5-0 win over Bournemouth.
And who would have expected that as City marched into December amid credible claims that they had improved upon even last season's record-breaking campaign.
Yet here we are. City, hot on the heels of a shock home defeat against Crystal Palace on Saturday, have lost again at Leicester, going down 2-1 at the King Power Stadium on Boxing Day.
They have taken three points from their last four league matches and with at least one credible title rival that is certainly worrisome, even if there is half a season to go.
But, while there are plenty of opportunities to right the wrongs of the past few weeks, City are not playing at the level expected of them.
The loss at Stamford Bridge at the start of December was on the one hand unlucky, in that Guardiola's side dominated until being hit by a sucker punch, but on the other hand it was concerning, given they had no answer to said sucker punch.
They were back to winning ways against Everton but it is hard not to argue something of their sparkle has gone in recent weeks. It was gone against Palace, who went ahead with smash-and-grab goals but were good value for their victory.
And it was gone against Leicester, too. City again conceded the first shot on target that they faced, and succumbed to a late screamer. In between they probed for openings and on another day could have won it themselves, but they could not seriously argue that they deserved to win.
Not long ago City had the joint best defensive record in Europe. They were defending from the front, the pressing and fine interplay of their forwards forcing teams back. Fernandinho would patrol behind them, waiting to ward off counter-attacks by fair means or, occasionally, foul.
The only problems they had at that point were penalties given away by Ederson, who raced off his line on the rare occasions the opposition played in behind City's defence.
But that well-oiled machine is creaking. The inter-play in the final third is not as pronounced as it usually is; in the last two games, certainly, City have looked somewhat ponderous and too reliant on crosses towards forwards with little chance of finding space between massed ranks of defenders (and midfielders).
Leroy Sane is a fine footballer in his own right but his abilities are enhanced when he links up with David Silva, but that pairing has been broken up of late given the Spaniard's injury.
Kevin De Bruyne usually finds his forwards in space, too, but he himself is just coming back from a long lay-off. His radar is not yet fully functional, and City do not expect him to be back at full fitness until February - although that is not to say that he will not make spectacular contributions in the meantime.
And, with the attack disjointed, the opposition have been able to breathe, and break. Fernandinho has not been there to see to that threat in the past two games, and John Stones and Ilkay Gundogan have shown that they are not yet in the Brazilian's league.
And in his absence the defence has been got at with regularity. That has coincided with full-backs in poor form, meaning City have not kept a clean sheet in their last nine games.
Kyle Walker was bad on Saturday and dropped here, but, unfortunately for City, Fabian Delph had a torrid game over at left-back, and was ultimately sent off for a high lunge late in the game.
That will keep him out of the clash with Liverpool in just over a week's time, a game that could have a big say in the destination of the title this season, even if it does come right at the start of January.
On the plus side for City is that three of their main cogs could well be back by then. David Silva returned here and immediately reignited that link-up play with Sane, though it did not quite cut the opponents apart as it usually does.
Silva came on in place of De Bruyne, not yet able to complete a full 90 minutes. If they can both start against Liverpool, or indeed at Southampton on Sunday, City will be a different proposition.
And even more so if Fernandinho returns. He was not involved in the squad at all on Boxing Day and Guardiola will be desperate to get him back as soon as possible.
If he is back and sitting behind De Bruyne and David Silva then things will start looking up for City once again. Their attack will flourish and their defence will be protected.
But in the meantime they must reflect upon the current situation; the champions and favourites for the title are third in the table, no longer looking over their shoulders at distant rivals but looking up at two in-form, bona-fide contenders.
