Fresh US data showed stubborn inflation, record diesel prices and weaker home sales. The figures underscored how fuel and borrowing costs are straining consumers, businesses and markets.

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.

Diesel in the US has reportedly become more expensive than ever before forcing drivers to pay record prices at the pump as the US-Israel war continues to hit American’s wallets. According to...