US consumer inflation has climbed significantly, and record-high diesel prices are forecast to push inflation figures even higher. Further data is expected on Thursday that will reveal more about how these fuel costs are affecting the economy ahead of the midterm elections.
Diesel price spikes matter widely because fuel costs ripple through the broader economy and influence everything from the prices of goods on store shelves to transport and delivery costs. This means the impact of higher diesel spreads across multiple areas that affect consumers and businesses.