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 April 2014 data shows the Midwest inflation rate decreased from March to April for non-metro urban areas and large urban metros with more than 1.5 million people. Inflation in small metros with less than 1.5 million people remained stable during that time period.
The Producer Price Index data shows that prices in the United States have increased from April 2013 to April 2014 for aircraft (1.9 percent), natural gas (15.8 percent), slaughter livestock (23.6 percent) and wheat (1.3 percent). During that same time period, crude petroleum prices decreased 30.8 percent and sorghum prices decreased 22.8 percent.
Access this slide presentation.