U.S. November PPI month-over-month 0.2%, in line with expectations, but the year-over-year increase reached 3%, higher than the expected 2.7% by 0.3 percentage points. What does this data indicate? The higher-than-expected annual growth rate suggests that inflationary pressures still exist. Although the monthly increase remains stable, the high year-over-year performance may influence the Federal Reserve's pace of interest rate cuts. For the crypto market, inflation data has always been one of the key variables affecting the overall trend—it directly relates to the appreciation or depreciation of the dollar and the flow of funds, making it worth continuous attention.