Prices on Goods

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⛽️ Diesel desperation

Data: AAA. Chart: Ben Geman/Axios The global diesel market is getting even dicier amid the Iran and Russia-Ukraine wars, Axios' Ben Geman writes. Diesel prices ripple through global economies, affecting shipping costs, construction and much more. 🤑 The average U.S. price is up 44 cents over the last month to $5.32 per gallon as of yesterday, per AAA. That's compared to $3.71 a year ago. The all-time high: $5.82, in June 2022. 📉 A new S&P Global Energy analysis estimates that global refineries processed 7.5 million fewer barrels of crude oil daily last month than during the same period in 2025. A separate International Energy Agency report also shows a steep drop in crude processing. 🛢️ The U.S. has been exporting growing amounts of diesel to the thirsty global market, but S&P says domestic refineries are running at 96% capacity — leaving little room to boost production. Mizuho Securities analyst Robert Yawger said in a note: "The situation is not going away anytime soon, and could very well get more expensive." Go deeper.

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Wholesale price inflation slows last month as gas, food costs fall

WASHINGTON (AP) — Wholesale inflation dropped last month as gas prices reversed some of their Iran war spike and other costs also cooled, a sign that consumer inflation could grind lower in the months ahead.

https://apnews.com/article/pipeline-inflation-prices-inflation-tariffs-f9bf278f4550a956b1f350722817371d?

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Walmart promises price cuts

Walmart told investors Thursday it will use the $2.9 billion it received in tariff refunds for “price investments,” or price cuts aimed at encouraging consumers to spend more. The announcement comes after the retailer posted its slowest US store sales growth since the early months of the Covid-19 pandemic. Other major retailers are also receiving sizable refunds, including Target, TJX, Home Depot and Lowe’s. The payments follow the Supreme Court’s February ruling that President Trump’s sweeping tariffs were illegal and that the $168 billion collected from 330,000 importers would need to be returned.

+ Read more: Walmart promises price cuts after $2.9 billion tariff refund

+ Plus: Americans are being choosy about where they spend their money   ps:Funny they would claim that! They've actually been saying that for a few months now, and there prices have been coming down here and there! You'll see the prices going up week after week and than they'll say a few weeks later prices are being rolled back, but when you look at the price it's not even half lower than what it was 2/3 weeks before, but at the same time prices of other items have still gone up little by little!!!!! I'll be watching this in the coming weeks!!!!!

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Trump promises cheaper beef

Illustration: Sarah Grillo/Axios President Trump said today that he would temporarily increase tariff-free beef imports and that he had secured a commitment to sell the meat at 25% below current market prices, Axios' Nathan Bomey reports. A global cattle shortage has driven up the cost for red meat, making burgers and steaks more expensive. 🤳 Trump said on Truth Social that he had "concluded a deal to substantially lower the price of ground beef for working American families." He added, "We have a commitment that this beef will be sold at 25 percent below current market prices." "As we work to rebuild this herd and help our ranchers, for the next 90 days, the United States will allow up to 300,000 metric tons of product for ground beef to be imported with no out of quota tariff." 🤔 Reality check: Trump didn't specify who made the commitment to sell the beef at a lower price. A White House official said the commitment came from foreign beef exporters, and that the 25% discount would be passed along to U.S. consumers. Go deeper. ps:So what's different this time? He's already said this before and it wasn't true than!!!!!

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On 8/23/2026 at 3:13 PM, phkrause said:

Funny they would claim that! They've actually been saying that for a few months now, and there prices have been coming down here and there! You'll see the prices going up week after week and than they'll say a few weeks later prices are being rolled back, but when you look at the price it's not even half lower than what it was 2/3 weeks before, but at the same time prices of other items have still gone up little by little!!!!! I'll be watching this in the coming weeks!!!!!

So I went shopping this week at walmart and most of what I bought was at least .50 cents to .75 cents more than in the past 2 weeks. Item 1 the yogurt I paid $5.69 for last week was $6.59. I could list more, but the fact is the prices are not coming down!!

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Grocery apocalypse

Illustration: Aïda Amer/Axios

America's grocery squeeze has been felt most painfully in expensive categories like beef, coffee and chocolate. But new forces are pushing up food prices across the board: expensive grain, soaring fertilizer and fuel prices, plus unpredictable weather and raging wars, Axios' Erica Pandey writes. Why it matters: The next grocery price shock could hit much harder — and wider. And midterms are 65 days away. 🌎 The big picture: Your grocery store is fed by a vast global supply chain, and pressures are building all along it. The Iran and Russia-Ukraine wars have driven up diesel prices, making it more expensive to operate harvesting equipment and to truck food from suppliers to stores. The Iran war has disrupted fertilizer supplies and prices, since a large share of the world's fertilizer passes through the Strait of Hormuz. This past week, corn and wheat prices hit their highest level in three years. Bad weather has hit corn crop yields, and the Russia-Ukraine war has roiled wheat exports. 🌾 Friction point: Wheat's a key ingredient in pantry staples, and corn is a major animal feed. So as they go up, so can meat, dairy and eggs. The intrigue: Don't assume those soaring commodity prices are a bonanza for farmers, either. They're still getting squeezed by all the other crises. Even the president of the National Corn Growers Association told Axios Future of Energy author Ben Geman that he himself wouldn't be profitable this year. 🥩 Add all these pressures to the list of already inflated food items: Instant coffee is up 15.8% year-over-year; tomatoes, 12.8%; beef roasts, 13.5%; apples, 11.1%. In the latest Economist/YouGov poll, about three-quarters of people said grocery prices are still rising where they live. Threat level: There's reason to believe it's only going to get worse. J.P. Morgan analysts warned in a report this month that global food inflation would hit 5% in the first half of 2027, nearly doubling this year's rate. "Price pressures are expected to extend through [the first half of 2027], as crop and price effects are still building and agricultural impacts lag the oceanic peak by 6 to 12 months," they wrote. The bottom line: These forces don't drive up your grocery budget overnight. But compounding strains on the cost of growing, harvesting and transporting food could make an already expensive grocery run even more expensive.

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What do rising bond rates mean for you?

A specialist works on the floor of the New York Stock Exchange on August 27. (Yuki Iwamura/AP)

The US bond market is flashing warning signs — and you don’t have to own bonds for it to hit your wallet.

As the US war with Iran intensifies, defense spending and the cost of oil, gasoline, diesel and jet fuel are rising. That energy spike is adding to inflation worries in a bond market already nervous about America’s $40 trillion debt. On Wednesday, a key Treasury yield that influences borrowing costs across the US climbed to its highest level in nearly three years.

For everyday Americans, higher bond yields can make mortgages, car loans and other forms of borrowing more expensive. Mortgage rates have already climbed from around 6% before the war to nearly 7%, a seemingly small jump that can add hundreds of dollars to a monthly payment. And if inflation stays elevated, the Federal Reserve may consider raising interest rates, squeezing borrowers even further.

+ Video: What do rising bond rates mean for you?

+ Analysis: Inflation is a drug and Washington is high on it

+ Read more: US 10-year yield touches highest level since 2023 + Latest on the war in Iran

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US diesel prices hit a record high, pushing up transportation costs for a long list of goods

CHICAGO (AP) — Diesel hit a record price in the U.S. on Friday, soaring to an average of $5.85 a gallon for the first time as the six-month war with Iran disrupts the world’s flow of fuel.

https://apnews.com/article/gas-diesel-prices-us-iran-war-ebd01b9773365ee40550dcfd7d3ebf87?

⛽️ Diesel hits record high

Illustration: Brendan Lynch/Axios

The average price of diesel topped its 2022 record high this morning, spiking to $5.85 per gallon, per AAA. Why it matters: Farmers, truckers and freight companies have been absorbing higher diesel costs since the Iran war began, Axios' Avery Lotz writes. The ballooning price threatens to further raise shipping costs while compounding a growing political problem for President Trump. It can also indirectly affect households by putting inflationary pressure on anything Americans buy that's carried by truck, which includes a massive share of goods. The previous record was $5.816, per AAA, set in June 2022. Diesel typically costs more than gasoline because of higher taxes, stricter environmental regulations requiring expensive refining and a lower production yield per barrel of oil. Worth noting: While the strangling of the Strait of Hormuz cast the global market into disarray, Ukraine's highly effective drone campaign targeting Russian refineries has further strained worldwide diesel refinery capacity.

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Gas prices remain high as Iran war drags on

Gas prices displayed at a Chevron station in El Segundo, California. (Mario Tama/Getty Images)

For millions of Americans, a quick stop for gas nowadays can turn into a surprisingly expensive errand. The national average at the pump now stands at $4.14 a gallon, far from the $3 mark the Trump administration had previously suggested the US could reach by Labor Day.

Vice President JD Vance on Thursday declined to say when drivers could expect prices to come down significantly. “I’m not going to make a promise about when it’s going to return to $3,” Vance said during a White House press briefing. “What I will say is that we have to remember — why are we doing this? Number one, it’s so that Iran never has a nuclear weapon.”

The vice president’s remarks come as renewed fighting between the US and Iran has driven up global oil prices, with American drivers now clearly feeling the effects. Vance, however, argued that things could be much worse, saying the world would be facing an even greater energy crisis if not for the White House’s decision-making. As for when drivers might catch a break, there’s still no clear answer. Vance declined to say when the war might end, too.

+ Read more: Labor Day gas has never been this expensive

+ Plus: Vance gives no timeline for war’s end

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Costly summer send-off

Illustration: Aïda Amer/Axios. Stock: Getty Images Summer's last hurrah will come with persistent pump pain and pricey burgers, Axios' Avery Lotz reports. Gas prices are almost certain to remain north of $4 per gallon over Labor Day weekend — a busy travel period that coincides with the intensifying midterm election season. ⛽ Labor Day gas prices are slated to be the highest on record, with market tracking firm GasBuddy and AAA predicting they'll surpass the previous high set in 2012. That's coming off a record-setting August, where the monthly national average of $4.07 trounced 2022's record, according to AAA data. ✈️ For travelers flying over the weekend, airfare is nearly 20% higher than last year, AAA says. Still, TSA predicts there will be more than 17 million travelers at airports across the country between Thursday and Wednesday. 🍔 A pound of ground beef costs $6.89 on average in July, up 10% from the year prior.