The longest government shutdown in history has impacted the release of several key economic reports, including October inflation numbers that were due to be released on Thursday, leading to an increased focus on other gauges like those operated by the Federal Reserve.

The Labor Department was scheduled to release the October consumer price index (CPI) on Thursday, but the report is delayed, and it's uncertain when or if the report will be released.

While the official CPI data from the Bureau of Labor Statistics is unavailable, the Federal Reserve Bank of Cleveland has a "nowcast" that estimates present inflation levels for both CPI and the personal consumption expenditures (PCE) index, which is the Fed's preferred inflation gauge.

The Cleveland Fed's inflation nowcast estimate as

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