A statement issued by the G7 states that in most of the group’s countries, inflation rates have reached levels not seen in decades, as a result of the war situation in Ukraine.

The document adds that the central banks of the G7 countries are examining the impact of price pressures on inflation expectations and will continue to tighten their monetary policy, based on available data.

Likewise, they specify that they will carefully study the markets, taking into account their recent volatility.

The members of the G7, at the beginning of the Russian military operation in Ukraine, activated several batteries of individual and sectoral sanctions against Moscow.

However, these sanctions experience a boomerang effect and caused a global increase in the prices of oil, gas and fertilizers.

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