Prices rose 2.7% in December from a year ago, a sign that inflation continues rising but in line with the pace seen in recent months.

The latest release of inflation statistics shows price growth was in line with what economists expected after the government shutdown resulted in a confusing November reading. The consumer price index climbed 2.

U.S. consumer prices increased in December, lifted by higher costs for rents and food as some of the distortions related to the government shutdown that had artificially lowered inflation in November unwound,

While annual inflation held steady at a rate of 2.7% in December, consumers still faced higher prices at the grocery store.

President Donald Trump said December inflation data supports his calls for Federal Reserve Chair Jerome Powell to cut interest rates after CPI showed 2.7% annual price growth.

Stocks are holding near their records on Wall Street following the latest update on inflation, one that could keep the door open for the Federal Reserve to cut interest rates further later this year.