Thursday saw the release of a much lighter-than-expected inflation report for November, and economists are already questioning its significance.

November's CPI report is expected to show the annual inflation rate at 3.1%, according to economists polled by Dow Jones.

Economists polled by Dow Jones expected CPI to have risen 3.1% on an annualized basis.

Prices rose 2.7% over the 12 months to November, according to the latest figures from the consumer price index (CPI).

The Bureau of Labor Statistics reported Thursday a 2.7% annual CPI increase last month short of the 3.1% projected by Wall Street.

The consumer price index cooled unexpectedly in November. But economists said the data should be interpreted with some caution due to the government shutdown.

Federal Reserve Chair Jerome Powell said last week that the central bank would look at this latest report with a “skeptical eye" because of possible distortions.

Thursday saw the release of a much lighter-than-expected inflation report for November, and economists are already questioning its significance.

The U.S. inflation numbers in November looked encouraging, with annual headline rate coming in 0.4 percentage points less than expected. But it's noisy.

The U.S. inflation numbers in November looked encouraging, with annual headline rate coming in 0.4 percentage points less than expected. But it's noisy.