US producer inflation tops expectations as energy costs jump amid Iran war

US wholesale inflation picked up more than expected in August, government data showed Thursday, driven by higher energy costs in the month – particularly for diesel – as the Iran" class="entity-link entity-event" data-entity-id="167745" data-entity-type="event">US war with Iran continued.Rising prices at the pump are squeezing US households and businesses weeks ahead of key midterm elections, pressuring President Donald Trump’s administration, as average diesel costs hit new highs.The Producer Price Index (PPI) was up 5.4 per cent year-on-year last month, the Department of Labour said. This was a significant acceleration from the 4.8 per cent rise in July and above the 5.3 per cent that economists expected in a consensus forecast published by MarketWatch.