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hello and welcome to audiences in the uk and around the world. we start in germany where soaring prices and an energy crisis have europe s biggest economy on the brink of recession. and bracing for possibly its highest inflation in 70 years this autumn. rocked by limited gas from russia and the expensive business of weaning themselves off kremlin supplies, germany s central bank has warned that the current squeeze on the cost of living is set to continue. now, the government has put in place measures to save energy with things like lighting restrictions on workplaces, and they ve been asking people to use less while filling up national gas reserves. but with reports people are using up their savings as wages fail to keep up with prices, there have been warnings of possible social unrest come the winter. so, the latest inflation figures are due out today. joining me now is holger schmieding, chief economist at the german private bank berenberg. so what can we expect? whe ....
German private bank berenberg. so what can we expect? when it comes to inflation to start with. when it comes to inflation to start with- when it comes to inflation to start with. ~ ., , ., start with. well, on the german national inflation start with. well, on the german national inflation measure, - start with. well, on the german national inflation measure, we. national inflation measure, we will probably see an update from 7.5% in the day before august two, say, close to 8%. but it will only come in the month thereafter where we could see german inflation which 10% and briefly surpassing 10% on very high costs of oil, petrol, gas especially, and of course electricity. gas especially, and of course electricity- gas especially, and of course electricity. we have also seen the guest electricity. we have also seen the guest business electricity. we have also seen the guest business activity . the guest business activity reversal for two years. do you think there is a recession ....
right now, hundreds of thousands are lining the streets in a massive celebration, as you see right now. 18 days of protests ushers in the end of hosni mubarak s 30-year reign. to borrow the words of nbc s ron allen in the middle after all of this, quote, this is what freedom looks like. contributor for foreign policy magazine and visiting scholar from the carnegie endowment for international peace, thank you, david, for joining us. i started with all of the guest business asking your assessment of what we are watching play out since it has just been a few hours since the resignation of hosni mubarak. i think it s a remarkable event. not just a remarkable event for egypt. it s remarkable for the entire region of the middle east. it s kind of a stake through the heart of the status quo. you know, it might be interesting to imagine what it would be like to be ahmadinejad right now who dodged a bullet ....