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 2014 data shows the Midwest inflation rate decreased from July to August in urban metros, but increased slightly in non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from August 2013 to August 2014 for aircraft (2 percent), natural gas (9.2 percent), and slaughter livestock (20.9 percent). During that same time period, crude petroleum decreased 10.8 percent, sorghum prices decreased 30.7 percent and wheat decreased 9.7 percent.
Access this slide presentation.