‘Swiss Cheese’ CPI Report Raises Doubts About US Price Data (1)

After long-awaited government data showed underlying US inflation cooled to a four-year low in November, economists agreed on at least this much: something was off.

In a report fouled by the record-long government shutdown, inflation in several categories that had long been stubborn seemed to nearly evaporate. Chief among those were shelter costs, which make up about a third of the consumer price index, but other categories like airfares and apparel notably declined.

Because of the shutdown, the Bureau of Labor Statistics couldn’t collect prices throughout October and started sampling later than usual in November. The so-called core CPI, ...