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Pretrained Language Models (LMs) have demonstrated ability to perform numerical reasoning by extrapolating from a few examples in few-shot settings. However, the extent to which this extrapolation relies on robust reasoning is unclear. In this paper, we investigate how well these models reason with terms that are less frequent in the pretraining data. In particular, we examine the correlations between the model performance on test instances and the frequency of terms from those instances in the pretraining data. We measure the strength of this correlation for a number of GPT-based language models (pretrained on the Pile dataset) on various numerical deduction tasks (e.g., arithmetic and unit conversion). Our results consistently demonstrate that models are more accurate on instances whose terms are more prevalent, in some cases above $70\%$ (absolute) more accurate on the top 10\% frequent terms in comparison to the bottom 10\%. Overall, although LMs exhibit strong performance at few-shot numerical reasoning tasks, our results raise the question of how much models actually generalize beyond pretraining data, and we encourage researchers to take the pretraining data into account when interpreting evaluation results.