G7 countries determined to rein in rising inflation-Xinhua

G7 countries determined to rein in rising inflation

Source: Xinhua

Editor: huaxia

2022-05-21 03:44:14

Customers are seen at a shop in Berlin, capital of Germany, on May 11, 2022.  (Photo by Stefan Zeitz/Xinhua)

"Across most G7 countries, inflation rates have reached levels not seen for decades," said a communique released after the meeting.

FRANKFURT, May 20 (Xinhua) -- 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.

 A pedestrian stands in front of a shopping window of a shop in Berlin, capital of Germany, Feb. 11, 2022.  (Photo by Stefan Zeitz/Xinhua)

"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.

 Pedestrians walk past a store in New York, the United States, May 11, 2022.  (Xinhua/Wang Ying)

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 U.S. dollars of budget support to help Ukraine in 2022. 

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