Financial Times reported that a sharp increase in diesel prices has raised costs for industries, transportation, agriculture, and American consumers, increasing the economic and political pressure on the government of Donald Trump, the U.S. president, ahead of the midterm elections.

As the newspaper wrote, diesel prices have reached $5.47 per gallon and are approaching their historical record. Experts have warned that this increase could trigger a new wave of inflation, raise borrowing costs, and put more pressure on households and businesses.

Financial Times also wrote that higher fuel prices ahead of the winter season and the harvest of agricultural products have intensified concerns. The newspaper, quoting people active in the agricultural sector, reported that rising diesel costs are putting many farmers at risk of bankruptcy and losing their lands.

However, the White House said the Trump administration has taken steps to reduce disruptions in energy markets and bring down costs, and that it remains focused on strengthening U.S. energy production.