Commodity prices have soared several times in recent years, raising concerns that overall inflation could rise … similar to that of core inflation, which excludes food and energy prices. …

Conventional wisdom suggests that producer prices are more rigid than consumer prices and therefore play less of a role … for the producer price index, we find that producer prices for finished goods and services in fact exhibit roughly the … same rigidity as consumer prices that include sales and substantially less rigidity than consumer prices that exclude them …