The November US PPI report just landed, and the inflation picture is showing some interesting nuances. Producer price growth hit 3.0% year-over-year—beating expectations of 2.7%—while the month-over-month reading came in at 0.2%, right in line with forecasts.

What caught traders' attention was the core metrics. PPI excluding food and energy held steady at 0.0% month-over-month (missing the 0.2% estimate) but climbed to 3.0% annually. The broader ex-food, energy, and trade basket printed 0.2% monthly, matching expectations.

For crypto markets, this matters because persistent producer-level inflation pressures could influence Fed decision-making on rate cuts and monetary policy direction—ultimately affecting risk asset appetite and capital flows into digital assets.