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 September 2014 data shows the Midwest inflation rate increased in both urban metros and non-metro urban areas from August to September.
The Producer Price Index data shows that prices in the United States have increased from September 2013 to September 2014 for aircraft (2 percent), natural gas (13.4 percent), and slaughter livestock (24.2 percent). During that same time period, crude petroleum decreased 15.4 percent, sorghum prices decreased 36.6 percent and wheat decreased 5.5 percent.
Access this slide presentation.