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 November 2013 data shows the Midwest inflation rate remained relatively stable from October to November for urban metros with more than 1.5 million people. It decreased 0.2 percent for urban metros with a population of less than 1.5 million people, but increased 0.3 percent in non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from November 2012 to November 2013 for aircraft (1.8 percent), crude petroleum (1.9 percent), natural gas (1.8 percent), and slaughter livestock (5.4 percent). During that same time period, sorghum prices decreased 40.5 percent and wheat prices decreased 17.3 percent.
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