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Producer inflation data in the U.S. came lower than expected in March. The Producer Price Index (PPI) rose by 2.7% year-over-year (YoY) in March, the Bureau of Labor Statistics reported on Apr. 11.
The PPI refers to the change over time in the prices from the perspective of the producer or seller.
PPI in February stood at 3.2%. The latest figure is also significantly lower than the economists' forecast of 3.3%.
The softer producer inflation data follows the similarly softer consumer inflation data released on Apr. 10.
The Consumer Price Index (CPI) stood at 2.4% in March YoY, in contrast to 2.8% in February.
The crypto stocks were holding up nicely in the pre-market hours at the time of writing.
Strategy (Nasdaq: MSTR), formerly MicroStrategy, soared around 3% to trade at $280.44 in pre-market hours.
Coinbase Global (Nasdaq: COIN) was up by a modest 0.34% at $170.2 in pre-market.
MARA Holdings (Nasdaq: MARA) was also up 0.85%, trading at $11.84 in pre-market.
Robinhood Markets (Nasdaq: HOOD) was an exception lying in the red zone in pre-market hours at $40.2, 0.86% down.
The stock market closed in the red zone on Apr. 10, with the Dow Jones Industrial Average (DJIA) down 2.5%, Nasdaq 4.31% down, and S&P 500 3.46% down.
The crypto market cap also declined 1.7% over the last 24 hours to $2.68 trillion.
Bitcoin dipped below $82,000, trading at $81,912.14 at press time as per Kraken's price feed.
Ethereum managed to tread above $1,500, trading at $1,552.51 as per Kraken's price feed.