Inflation growth rates in most of the G7 countries have reached levels not seen in decades, the group’s finance ministers said in a statement on Friday. They indicated that they will continue to tighten monetary policy.
According to the statement, the Russia-Ukraine crisis is causing significant increases in consumer, energy, and food prices.
The countries that make up the group are determined to stop the rise in inflation, German Finance Minister Christian Lindner said after meeting with his G7 counterparts. Lindner also said that inflation needs to get back to 2% quickly and that central banks have a “great responsibility” to help get inflation under control.
READ MORE: UK consumer prices reach 40-year highs
The statement noted that G7 central banks are closely monitoring the impact of price pressures on inflation expectations, and will continue to calibrate the pace of monetary tightening accordingly.
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