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this new culture. so you are not a visitor, not the guests. you want to become a citizen in phil migrants, your platform for reliable information ah ah, inflation source to another for decade high in the us. but it's only going to get worse as fresh as the brand new crane since oil prices rocketing could war and ukraine leave the world going hungry prices for basic staples like we'd have surged as a result of the conflict will take a closer look. and the war has left you desperate to ditch fossil fuels. but why are key green projects like teslas berlin, giga factory taking so long last help bringing the company here?

i'm shall see delaney and berlin welcome to the program. russia's invasion of ukraine is intensifying. what already ranked as the worst inflationary period in decades, the u. s. consumer prices stored at 7.9 percent and february from a year earlier. that's the highest rate since 1982, much of the rise was due to oil. since the data was compiled and february crude prices had exploded by 16 percent as sanctions cut off, russia and its oil from the rest of the world caught him sworn inflation will rise even more and the month ahead. for more on this, let's bring in. james sweeney, our correspondent and new york. james, you mentioned that there are this data was compiled before the war, and ukraine really sent oil to these new record highs. what can we expect from inflation in the months ahead? how bad kids get?

listen, inflation was high. even before this report, in fact, you, us inflation has been on the rise since before the year 2022 kicked off. and this latest consumer price index read only covers february 2022. not the latter part of last week. not beginning of this week. when oil stored when sanctions were enacted, and we, when we took a wild ride on wall street in both directions, now the inflation situation is getting worse. it's not going to get better at the numbers back me up. when i say this, household staples are becoming more expensive, and yes, guess may explain much of the story, but you discussed it earlier. we price is through the roof supply chain still remaining here. here in the u. s, which all kicked off since around january, 2021. look, these are facts, not speculation. and talking affects how we've seen any inflationary improvements since russian beta ukraine 2 weeks ago. have we seen inflation improve since the supply chain crunch? dominy the headlines last year as inflation ease that old during the last 15 months . not really, that's a firm. no. so the federal reserve job is to contain inflation. they're meeting

next week. what can we expect? should we be bracing for an for a shift from the fed? well, if you're asking what the fed can do, all the markets already have priced in that the fed is going to hike rates next next week to ease inflation, especially after today's release. but can they raise more than 25 basis points, maybe? but inflation is likely to continue to accelerate as long as rushes war on ukraine pushes oil prices higher. now the fed can't bring peace, the ukraine and russia that needs to be understood. so there's not much that monetary policy can do to ease food and energy inflation. but if you're wondering what can they likely do? they can possibly see or a hike and most likely a statement saying that the threat is serious about fighting inflation. but right now, we're a little bit hank of given the circumstances. james sweeney in york. thanks so much for that. thank you. and of course, it's not just the u. s. facing inflation on wednesday, the european central banks that it would speed up its act that from pandemic

stimulus that as energy prices drove inflation to a record 5.8 percent. in february. earlier i spoke to economist stephanie kennedy from wealth manager julius bear. i asked her if the e was at risk of stagflation, the toxic combination of high inflation and low growth. yes, it definitely seems like it, but actually we're coming from a quite good growth perspective. so we have a strong, strong household balance sheet, strong corporations, and also consumption is very strong. so we have actually seen the effects, the negative effects on the economy receiving from the pandemic. so what we were hoping to see now is an exploration in the 2nd quarter, and i think that this is the case. it might of course b, a previously expected. but for now in

a recession scenario explanation scenario. we've heard already about rising energy prices, that rising food costs are also a major concern. the conflict and ukraine could spark a food crisis as russia and ukraine are both major food producers. between them, they supply the world with 30 percent of its wheat, about a 5th of its corn and a staggering 80 percent of sunflower oil. the price of wheat in particular has had record highs as a result of the crisis. it's heading for double what it was a year ago. developing nations are set to suffer the most as they search for new sources of that staple. any farmer who still has grain in storage is now turning it into cash. prices have never been higher. agricultural tradeoff, pete, us exports suite via ports in northern germany. from here it hits to north africa.

the company has been inundated with enquiries since it became clear, there would be no, we deliveries from ukraine, psychedelic righty. actor, depending on daily fluctuations. wheat currently cost somewhere around $450.00 euros per ton than the goods have to be transported to north africa around saudi arabia. they are freight rates of $40.00 to $50.00 euros per ton. so it's close to 500 years per tonne and the receiving countries. that's twice as much as a year ago. ukraine has long been one of the world's largest. we'd exporters on the world market. it has competed with russia. now both countries exports have come to a standstill. there are shortages of labor, fuel and seeds. the effects are being felt around the world. this large mill process is around 1000 tons of wheat into flower every day. mill, on a young chorus mire says there shortage of ukrainian wheat is already being felt.

he advocates reducing meat production to stabilize grain prices and to secure food for poor countries. and those are the thought of fear or failure herfers of in germany. we use about half of the produced wheat to feed pigs and other life stock . but i can produce only one kilogram of meat from 7 kilograms of grain. that raises the question of whether it still makes sense to put so much wheat into meat production at so long as of a long. it will be a long time before the next grain harvest in europe, and before the warehouses fell up again. now, russia's invasion of ukraine has turbocharged. these plans to shift away from fossil fuels as it seeks to end its reliance on a russian energy. one project that plays into this effort is test was a factory in brandenburg which last week secured a final environmental approval. the project was announced in november 2019, but it's been hit with repeated administrative delays. not all bureaucratic hurdles

have been cleared yet, but tesla hopes to begin production this month. new york steinbach is the economics minister for the state of brandon burke. he was a major advocate of bringing tesla there york, thanks so much for joining me. because the you now needs to ditch fossil fuels more rapidly than ever, because a lot of that supply is coming from russia, one at the landmark projects that sort of aligns with that goal. the tesla giga factory in your state has taken a long time to get to the finish line. what kind of example does that set for other companies that want to come here and do projects like that? actually for us, it has been a long time. it has been a very short time. it has been 2 years, 2 months and 2 weeks from the day of submission of the 1st application of the perm until the fund or issuing of the permit. and i think in comparison to many of the projects in germany, that's still setting a new record and a new blueprint for the projects. for the big thing for us is that it is the

biggest investment in the country of bun woke off to reunification. it's the driving force for lots of working places and so it's uh, comparable with any other investment so far. so maybe you on mosque has a different sort of timeline in his head, but he has criticized, you know, the bureaucracy for slowing down germany's climate ambitions. do you, do you agree with that statement? actually i was pretty happy that he took the courage to, to give these comments the, the, the way he did was a bit strange to many verse of the christian our, your stick to system. we don't have the and because corey is system the, the letter is to align with the other, the steering a court. but i think it, we are operating under these laws now for so on. so many years that we are 4 of us in the tunnel and we don't see the deficits which are there. and you need some one

from the outside actually to wake you up a little bit and to make you aware of deficiencies. so what is, what is that lesson from you on mask that we're learning test of themselves. they do say we're working out of the box, out of the box is a good system, but sometimes it's also pretty exhausting for those who have to respond to it. nonetheless, sir, we had to adjust our speech to their speed, to the change management processes which we are not used. and i think we have learned quite a bit. and so i think if, if we would start from scratch right now, we would even be faster than these 2 years. so, you know, in germany, the u. s. is facing this enormous change, the shift to renewable energy is what needs to change. so that, that process isn't bog down and bureaucracy. well, we have 2 major issues there. one is the planning process itself,

and they take too long. they are have too many obstacles to overcome and normally, and if we wouldn't have had the assignment of this area where he has built the factory on to be for into industrial use, we would have been 2 years slower than that. so this was also one of the big advantages when we did compete for the site for this european factory that we had that this planning process had already been finished by the time. but 2 years for these kind of planning process to long than the permitting process, another 2 to 3 years that makes 5 years in the pend whether we are talking about setting up windmills, whether we're talking about transmission lines for electricity. and the what climate change does require is that we act on a much shortest time scale. and we have just to that extent back the economics minister for the state of brandenburg, thanks much for joining us. thank you. and before we go,

a reminder of our top story, u. s. consumer price is sort of 7.9 percent and february from a year earlier. since that data was compiled, oil prices have exploded as sanctions kind of brushing oil off from the rest of the world. and that's all from me and the business teams here in berlin. thanks for watching. the next time is the end of the pandemic in sight. we show what he could look like return to normal. and we visit those who are finding it difficult to success in our weekly coping. 19 special ovid $910.00 special next on d, w into the conflict zone with sebastian has

nato accepted that ukraine will fall. what could it still see? a moral imperative to intervene directly and combat my guess this week from washington, wisconsin, spelled simila a foreign and security expert at the brookings institution. i'm a freshman from germany. i'm friends with landtech relation, complet zone. in 60 minutes on d, w o t, please listen carefully. don't know how those things you miss today. i feel the magic discovers the world around you.

ah, ah, subscriber to d w documentary on youtube. ah! the pandemic has caused a lot of suffering and claimed many lives. but it's also cost a lot of money to maintain the current economic system and mitigate the consequences. our focus on this edition of the coven 19 special. what impact as the pandemic had on world wide poverty and what are its economic and social costs? what lies ahead. we report.