G7 countries determined to rein in rising inflation

St Petersburg: The Group of Seven (G7) countries are determined to rein in the spiraling inflation, German Finance Minister Christian Lindner said on Friday.

Speaking at a press conference after the G7 finance ministers and central governors meeting held in Germany's Petersberg, Lindner called on central banks to bring down the surging inflation. "Across most G7 countries, inflation rates have reached levels not seen for decades," said a communique released after the meeting.

"G7 central banks are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, ensuring that inflation expectations remain well anchored, while being mindful to safeguard the recovery and limit negative cross-country spillovers."

Joachim Nagel, chief of the German central bank, Bundesbank, also voiced his concern about inflation while hosting the press conference with Lindner.

Earlier this month, Nagel, also European Central Bank (ECB) governing council member, explicitly proposed that the ECB should end bond purchases as the first step at the end of June and start raising interest rates in July.

The G7 ministers and governors reaffirmed their financial support for Ukraine at the Petersberg meeting. They also revealed that the G7 countries have mobilized 19.8 billion US dollars of budget support to help Ukraine in 2022.