A gold investment could be a smart addition to your portfolio now that inflation is rising again. Wipada Wipawin/Getty Images

The latest inflation report was released Thursday morning and, with it, the revelation that inflation increased in August.

Now at 2.9%, the inflation rate increased from July's 2.7% and is now almost a full percentage point higher than the Federal Reserve's target 2% goal. That's a major factor heading into next week, when the central bank will meet for the first time since July. While an interest rate cut is largely anticipated at the conclusion of that meeting on September 17, this latest inflation news could impact whether that cut comes in the form of 25 basis points or a larger half-percentage point.

With work still to be done, then, and the impacts

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