US producer inflation rises 5.4% as diesel hits record on Iran war
US wholesale inflation accelerated to 5.4% year-on-year in August, above forecasts, driven by a 24.1% monthly jump in diesel costs as the US war with Iran continues. Diesel hit a record national average of US$5.98 a gallon, squeezing households and farmers ahead of November midterm elections, with attention now on Friday's consumer price data and next week's Federal Reserve meeting.