Preheat oven to 350° F. Grease a 12×8-inch baking dish.
Combine bread cubes and cranberries in large bowl.
Mix together evaporated milk, eggs, butter, sugar, vanilla extract, cinnamon and nutmeg in medium bowl. Pour over bread mixture; stir to combine.
Pour mixture into prepared baking dish. Let stand for 2-3 minutes.
Bake for 35 to 45 minutes or until knife inserted in center comes out clean.
Serve, drizzled with caramel sauce.
Recipe adapted from: www.verybestbaking.com