Stronger-than-expected U.S. economic growth that's pushed the jobless rate to a five-decade low will contribute to an uptick in inflation this year, according to the Congressional Budget Office (CBO).

In its budget and economic outlook through 2030, the nonpartisan agency projects that gross domestic product (GDP) will rise 2.2 percent this year, up 0.1 percentage point from its August estimate. A measure of prices excluding food and energy is also projected to increase 2.2 percent, just above the Federal Reserve's goal. At the same time, the U.S. budget deficit will exceed $1 trillion in the fiscal year that ends in September, similar to the agency's previous forecast.

"We also project that for several years, the economy will be producing more than what we estimate to be its sustainable level of output, leading to higher inflation and interest rates after a decade in which both remained low," Phillip Swagel, director of the CBO, said in a statement accompanying the annual long-term forecast.