The Consumer Price Index is used to calculate inflation, or the change in price of a basket of goods and services, as it impacts consumers; whereas, the Producer Price Index measures changes in selling prices, thereby expressing price changes from the perspective of the seller who produces a particular commodity.
A slide presentation updated with August 2013 data shows the Midwest inflation rate decreased from July to August for urban metros, as well as non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from August 2012 to August 2013 for aircraft (1.8 percent), crude petroleum (12 percent), natural gas (14.3 percent), and slaughter livestock (6.4 percent). During that same time period, sorghum prices decreased 35.1 percent and wheat prices decreased 14.5 percent.
Access this slide presentation.