Housing market: Mortgage rates rise for third straight week to highest level since June 2025 while home sales fall for third month in a row

The economy, inflation and how those forces could impact the lives of Americans were front and center over the past week.

Trips to the grocery store and gas station are more painful than they were last year, and rising costs are impacting the decisions of both households and businesses.

Here’s a snapshot of prominent economic data and news that occurred over the past week and what it potentially means for you.

U.S. inflation accelerated last month as gas prices climbed U.S. inflation accelerated last month as gas prices spiked in the wake of renewed fighting in the Middle East, underscoring the affordability challenges that are top of mind for many voters as midterm elections near.

The Labor Department said Friday that the consumer price index rose 3.4% last month compared with a year ago, the same as in July.

But on a monthly basis, inflation accelerated, as costs jumped 0.4% from July to August, up from an increase of just 0.1% the previous month.

The figures show that inflation remains stubbornly elevated, more than five years after prices first soared as the economy emerged from the COVID pandemic.

Persistent inflation has presented a major challenge for the inflation-fighters at the Federal Reserve and has soured many voters on the Trump administration’s economic management.

US diesel prices soar past $6 a gallon Diesel prices in the U.S. hit yet another record on Friday, soaring past $6 a gallon on average as Washington’s war with Iran disrupts the world’s flow of fuel .

The national average of $6.05 is up from $5.85 last week and $3.70 this time last year, according to motor club AAA.

Higher diesel prices mean more expensive transportation for a long list of everyday goods.

That’s because diesel is used for many freight and delivery networks.

And some businesses have already passed along steeper costs to consumers in the form of added fees on online orders and packages in the mail .

US wholesale prices rise in latest sign of stubborn inflation Wholesale inflation picked up last month after cooling earlier this summer as higher oil and gas prices stemming from the Iran war keep costs elevated.