Ed Elson

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December inflation data came in without much of a shock, but costs remain high.

According to the Consumer Price Index, headline inflation held steady at 2.7% year-over-year.

That is unchanged from November and in line with forecasts.

Meanwhile, core inflation rose 0.2% month-over-month and 2.6% year-over-year, slightly below estimates.

Still, food, shelter and energy prices increased in December up on the month and the year.

The big question, however, is, is this data even right?

Because as we discussed last week, the government shutdown did impact the CPI report from November.

And then the question now is, did it affect this one too?

Here to help us answer that very important question, we have Mark Zandi, Chief Economist at Moody's Analytics.

Mark, thank you for joining us again on Profit Markets.

So my first question to you, we discussed the previous CPI report, and you explained to us how the previous one from November was flawed.

we've got a similar report, a similar number, 2.7%.

I guess my first question to you, is this report flawed as well?

So I feel like this is a far larger story than what we're seeing in the news right now, where people are just kind of taking these numbers at face value.

And what you're telling us is you're running your own analysis that is making up for the adjustments that they missed in October.

which says that it's not 2.7%, it's 3%.