Preheat oven to 375° F.
In a large bowl sift together the flour, baking soda, salt, nutmeg, and sugar. Using a pastry blender or fingertips, work the shortening into the flour until the consistency is the same as that of small peas. Stir in the raisins and caraway and mix to distribute evenly.
Gradually stir in the buttermilk, 1/4 cup at a time, using only enough to allow the dough to come together. Knead the dough for 1 or 2 minutes.
Shape the dough into a round loaf and place on a greased baking sheet. Pat the dough until it is 1 inch thick. Cut a cross on the top and over the sides of the loaf. Bake for 40 minutes or until the bread sounds hollow when tapped.
Cool on a rack