US inflation remained at a higher-than-expected 2.7% in December

US consumer prices rose 2.7% annually in December, closing out a year that saw slight progress on inflation but continued affordability concerns for many Americans.

The latest Consumer Price Index, which measures the average change in prices for some commonly purchased goods and services, showed that the annual pace of inflation was unchanged from November, according to Bureau of Labor Statistics data released Tuesday.

However, the monthly pace of inflation accelerated to 0.3% from November, when prices rose at an estimated average pace of 0.1%.

Economists were expecting that monthly CPI would rise 0.3% from November and ease slightly to 2.6% on an annual basis, according to FactSet estimates.

This story is developing and will be updated.