Record diesel prices are set to push up the cost of nearly everything Americans buy, which is bad news for shoppers, farmers, and anyone on a fixed income.

• Diesel hit an all-time high, and since trucks, farm equipment, factories, and generators all run on it, those costs get passed straight to shoppers.
• Copper and oil prices also hit records, a sign the dollar is losing value rather than goods simply getting pricier.
• Huge budget deficits mean more money printing, which acts as a hidden tax that funds government spending.
• The Fed is unlikely to raise rates enough to matter, because serious hikes would crash stocks, housing, and jobs.
• Inflation is expected to be the top issue in the midterms, and this time voters will blame Trump and the Republicans.

Outlook: Prices keep climbing while the war drags on, with gold, silver, and foreign stocks pitched as the safer places to hide.