markets a much needed jolts of good news. blown welcome to the show, i'm seeing fiercely in berlin. a prices for gas and oil continued to drive jer, german consumer prices upward in june. of that's even as government relief efforts started to show some effect. household energy costs dropping almost 41 percent from a year earlier. they were also up from the previous month. natural gas heating, oil, and electricity prices also continued their rise. over all your on your inflation actually fell slightly in june to 7.6 percent. that's thanks to government measures such as subsidized trained fairs of the new figures will likely prompt more calls for wage hikes among workers. despite fears that could drive prices higher, the head of germany's trade union confederation disagrees. does in their dad citing in the current situation? the discussion about a wage price spiral is wrong. it's one sided and it simply doesn't reflect the facts they are doin. we have to talk clearly and urgently about how energy costs

can be managed for households and businesses. to him, so if you do you believe it's about the prospects for 2023 and above all it's about doing everything possible to prevent a recession. i know it's as soon sofa in the stabilize work, places to maintain value chains and to secure employment position. or what of germany's largest labor unions? i. g natal, which represents auto and steal workers among other groups. now says it wants an 8 percent hike in wages for workers. for one year, i spoke with myself, roger about that he said of the german institute for economic research in berlin and asked if such demands could indeed lead to rising consumer prices. there's certainly a danger that wages could rise too quickly and to too much. but there's also risk that wages are increasing too little. that's equally threatening because if wages

increase very little people will have less purchasing power will consume less and they will also be bad for companies and bad for employment and might also drive the economy into recession. so it's about finding the right middle way. 8 percent a which claims by ag, me tire is in my view, not excessive. we know historically they agree on 60 percent of what's being asked . that would be below 5 percent wage increase with an inflation rate of 78 percent for this year. this still means negative, we wage growth, so i don't see this as excessive but, but clearly one has to differentiate across sectors and companies. do you believe that the danger of a wage price spiral has grown or that it even exists? a given for example, the tight labor market and the rapid inflation growth we're seeing we don't see a wage price spiral at the moment. wages in germany should increase somewhere between $4.00 and $4.00 and a half percent this year with an inflation rate of 78 percent. we see many big

companies actually having very good earnings, very high profits. we see also that unit labor costs are measure of productivity is quite decent in germany. so at the moment we don't see that, and the risk of that is not particularly large. also as less than half of all jobs in germany are covered through collective bargaining agreements. so short one cannot rule out the possibility, but at the moment we don't see it quite the opposite. we see that wage growth is relatively modest compared to the past. you mentioned those earnings that we're seeing in companies right now. other nations are introducing windfall taxes to take away what they see as an unfair earnings, especially from companies that are profiting from inflation. do you believe such a tax is necessary here in germany or the employers in general need to do more? to alleviate the pain of inflation windfall, texas in principle make sense. they're very heart and practice to implement because

you have to judge which sector is affected. and what's a windfall tax, i think, is much more important to really look sector by sector, where are companies quite profitable, which can pay higher wages. that should be the 1st and foremost priority. because that's the best way for workers for employees to cover themselves to protect themselves against higher inflation, then we must not forget. inflation does not mean that inflation coming down next year in 2 years time that prices will go down. prices for energy for food will stay high, and the only protection for permanently higher prices is permanently higher income . and that means i a social security contributions or payments by the government to, to affect the people and higher wages. so that's the best protection against inflation. there is that was marcel fracture. no inflation is visible around the world at the moment in new york. it's colliding

with cities so called post corporate summer. more people are moving to the city than before the pandemic. that means rent prices are soaring. a combination of rising housing costs and growing inflation are now pushing low income new yorkers into existential work. oh, the will to protect his families. whom fabian bravo boys? he's fighting back against a rent increase and who to looking deals, or they would send us tenets, allen, to the street where no fare. life is possible. i mean, you know, it's moving for tens of thousands life on the street is already a reality. homelessness in new york is the highest. it has been in almost a 100 years. the main cause to little affordable housing. more people are returning to the city than before. the pandemic and they are looking for

more space that's driving up prices. average rent prices up by a 3rd compared to 2021, and so or evictions. low income families like that of fabian bravo, are now in a bind nor our brother works as a housekeeper, 7 days a week. yeah. she's already struggling as inflation is biting into the family budget. we're kicking before i go out when i and i the power. now he's gone to nice things on the phone, so we have to change a little bit before we live, like 2 more chicken, we lay only one. so we as this the way. so now we why more base double cucumber. i'm still very, we looking for the idea of the family of 5 is crowded into a 3 bedroom apartment. they're building is designed to be affordable. the city regulates their rent increases. the increase this year will come to about $70.00 a month. taybian bravo had

a work injury if somebody was back and was unemployed. that means a 17 year old daughter, samantha. so i see that one of them and then i stay some mustang, the stand map and look on the signals they are killing teenagers dreams. if i don't speak out, if i don't raise my voice in this, who will give my other one that it's i was i had to do it for my kids in for my family and i me, me for me of them as equals the city appointed for decided to raise the rent of 1000000 apartments in new york this summer by making his case to them. feeding wants to keep it when i'm affordable in the future. he tells the board about the anxiety inflation is already causing his family. and he ends on a plea, no more rent increases. and on the eve of today's highly anticipated us update on consumer prices, a fake inflation report has been making the rounds. the file which spread virally online. briefly wait on us docs on tuesday. the fabricated document mimicked the

official formatting of the month. monthly release. it claimed the inflation rate rose over 10 percent. that's much higher than the expected 8 percent jump. the u. s . bureau of labor statistics called out the fig report on twitter as it began to gain traction online. or let's go to some the other global business stories making headlines. spain plans to impose new temporary taxes on banks and energy companies, which would bring in 7000000000 euros over the next 2 years. government leaders say parts of the windfall profits generated by rising prices. quote must be returned to citizens instead of fattening salaries of big business leaders and quote, a tokyo district court is ordering a former bosses' of tapco to pay $95000000000.00 us dollars in damages for the fukushima disaster. it determined that executives at the energy utility company could have prevented the nuclear catastrophe on the east coast of japan. more than

11 years ago, lockdown in shanghai and other areas of china have battered the world's 2nd largest economy. yet export growth in the country has once again beaten expectations. and the 1st half of this year exports increased more than 13 percent from the same time in 2021 imports. meanwhile, rose nearly 5 percent looking at the past few months, china has managed to escape and especially hard fall out from those strict locked down in shanghai and other cities. exports did initially fail to keep pace creating disruptions and global supply chains. since then, exports have picked up at a steady pace, beating expectations. or correspondence i pay as more says may, with the overall improvement in containing the core navarez. the fact of various policies to stabilize growth gradually emerged and the orderly progress of foreign trade enterprises resumption of work and production, especially the rapid recovery of imports and exports. the overall growth rate of

foreign trade pick up significantly. but now there is the latest wave of all we can be a 5 in shanghai, several town councils, a vice people to prepare food for 14 days. people worry about another lockdown and not just some high across the country. the number of cases at the highest in most multiple cities i'm posing some restrictions as these will all probably lead to future supply chain disruptions. due to be correspondence. those on hon there from taipei, will businesses around the world have been dealing with supply shortages for more than a year. now, usually, as a result of the pandemic. now, in japan, there's a shortage of what sabi go. this time the blame falls elsewhere. a diner grades fresh with saw be over his noodles in the near future, adding the green condiment might be a rare privilege reserved for special dishes westlaw. in the past we served all the cold, so been oodles with a piece of ra, a sabi. but now we can no longer do that due to insufficient supplies of with sabi,

we've had to change our menu and go so that i like with hon. a 2020 report from japan's ministry of agriculture shows that the production of a sabi has declined by more than half since 2005. 0 nice. she attributes a scarcity to climate change, was saw be farmers whose crops were washed away by a typhoon in 2019 agree. greg said her cornered. co. nice. the neighbors was sabi fields turned into rivers. money and large stones rolled down from the mountain after the typhoon mazama. i felt the power of the flood says as it happened in october, and since it was about time to harvest with sabi, rebuttal, seaman a large amount of was sabi was washed away or buried. in the sand, but for now, customers at onesies establishment can still saver the condiment. his

reminder of the top business story were falling for you. prices for gas and oil continued to drive german consumer prices upward and june. household energy costs jumping almost 41 percent from a year earlier. natural gas heating, oil and electricity prices also continued their rise. over all year on year inflation actually fell slightly in june to 7.6 percent. that's thanks largely to government measures, measures such as the subsidized train fairs. that's a brush over. thanks for watching. ah ah, with

welcome to the city of the future. flow instead of the permanent traffic jam would instead of concrete the mobility instead of air pollution. new concept for the megacity tomorrow made in germany in 30 minutes on d. w. o. just another day. so much is happening all at once. we take time to understand this is the day and depth look news

event analyzed by experts and critical thinkers. and this is with the weekdays on d, w. i'm the green fat that you feel worried about the planet to i'm neil. host of the on the green fence. and so me, it's clear we need to change. join me for a deep dive into the green transformation for me, for you, for the plans with. imagine how many portion of love us her now in the world right now, the climate change event off the story. this is much less the way from just one week. how much work can really get we still have time to go. i'm doing all

with 5th, subscribe or more with this is dw, live from berlin, u. s. president joe biden arrives in israel kicking off a high stakes trip to the middle east. the u. s. president class his countries bone deep formed with israel, but full days of difficult diplomacy lie ahead. also, coming on tre lanka declared, a state of emergency protested.