Inflation picked up in August amid higher prices for staples like food and electricity, while tariffs put upward pressure on prices for physical goods like clothing and household furniture, economists said.

The consumer price index , a key inflation gauge, rose 2.9% in August from a year earlier, the Bureau of Labor Statistics reported Thursday.

That's an increase from 2.7% in July and the fastest annual pace of inflation since January .

"Inflation is uncomfortably high and it's accelerating," said Mark Zandi, chief economist at Moody's. "I think we should expect a further acceleration in inflation over the next six to 12 months."

Tariffs contribute to rising goods prices, economists say

The CPI tracks how quickly prices rise or fall for a basket of consumer goods and services

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