Diesel Prices Hit Record High Amid Inflation Concerns

U.S. diesel prices reached a new nominal high of $6.529 per gallon for the week ending September 21, according to recent data. This marks a 24.4-cent increase from the previous week's price of $6.285.

The rising fuel costs are contributing to pressure on both fuel and freight prices in the market. As markets await new inflation data and assess the Federal Reserve's rate path, concerns about persistent inflation remain elevated.

No. 2 diesel fuel producer prices rose by 24.1% from July, while the truck transportation of freight index increased by 2%. The next test will be whether these higher costs appear more broadly in consumer and producer inflation.