In this episode, hosts Greg Daco and Laura Rosner-Warburton unpack the October and November CPI reports, revealing how the prolonged government shutdown disrupted data collection and introduced downward biases through carry-forward imputations—especially in shelter costs. They discuss what signals still cut through the noise, from early tariff pass-through to underlying services and vehicle price trends, and debate the outlook for PCE inflation in 2026. The conversation closes with a call for stronger funding and modernization of U.S. statistical agencies to ensure more reliable inflation data going forward.

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