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 January 2014 data shows the Midwest inflation rate decreased from December to January for both urban metros and non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from January 2013 to January 2014 for aircraft (2.3 percent), natural gas (26.9 percent), and slaughter livestock (9.9 percent). During that same time period, crude petroleum prices decreased 5 percent, sorghum prices decreased 41 percent and wheat prices decreased 15.7 percent.
Access this slide presentation.