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 December 2014 data shows the Midwest inflation rate decreased in both urban metros and non-metro urban areas from November to December.
The Producer Price Index data shows that prices in the United States have increased from December 2013 to December 2014 for aircraft (1.9 percent), natural gas (12.4 percent), slaughter livestock (17.9 percent), and sorghum (4.1 percent). During that same time period, crude petroleum decreased 37.3 percent and wheat decreased 4.7 percent.
