Saudi Arabia’s Virgin Megastore to shift to IBM cloud as part of digital transformation

Saudi Arabia’s Virgin Megastore to shift to IBM cloud as part of digital transformation
Saudi Arabia’s Virgin Megastore to shift to IBM cloud as part of digital transformation

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Jeddah - Yasmine El Tohamy - US annual inflation at a 13-year high; Eurozone’s production falls on a monthly basis: Economic wrap

Annual inflation rate in the US slightly gained pace in September as it increased to 5.4 percent, compared to 5.3 percent in August, official data showed. 

As elsewhere, the rise in prices were fuelled by jumps in food and energy costs.

Food-at-home prices rose by a yearly rate of 4.5 percent while energy costs soared by 24.8 percent.

The country also experienced a 0.4 percent monthly increase in consumer prices, owing to upswings in energy and food as well.

However, yearly core inflation rate, which removes the effects of food and energy prices, remained unchanged in September at 4 percent.

Industry in the euro area

While the eurozone industrial production grew by an annual rate of 5.1 percent in August, it fell by a monthly rate of 1.6 percent.

Eurostat data revealed that the month-on-month decline was mainly driven by a 3.9 percent monthly drop in capital goods as well as a 3.4 percent decline in durable consumer goods.

Energy production, on the other hand, rose by 0.5 percent in August compared to the previous month.

Australia’s outlook

Fitch Ratings has revised Australia’s outlook to stable from negative. The ratings agency has stated the country’s fiscal consolidation and improvement in the public debt ratio over the medium term as drivers for Australia’s upgrade.

The report also mentioned that the rating is supported by strong Australian institutions that have sustained almost 30 years of growth before the pandemic and softened the effects of the current crisis.

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