While some consumer goods have become increasingly out of reach for Americans, deflation wouldn’t be good for the economy either.

US and Brent crude prices jumped on fears of supply disruption from the Middle East as Iran has repeatedly threatened to close a key shipping route.

Egg prices declined again in May, but still remain substantially higher than they were a year ago as avian flu remains on the loose.

Oil surged, stocks fell and investors sought safety in the U.S. dollar and government bonds after Israel struck Iranian nuclear and military targets in an attack that raised the risk of all-out war between them.

The Consumer Price Index increased by 2.4% in May compared to a year ago, according to the Bureau of Labor Statistics' latest data. The latest report shows ground beef continues to steadily increase.