Frankfurt, May 21 (IANS): The Group of Seven (G7) countries are determined to rein in the spiraling inflation, said German Finance Minister Christian Lindner.

Speaking at a press conference after the G7 Finance Ministers and Central Governors meeting held in Germany's Petersberg, Lindner on Friday urged central banks to bring down the surging inflation, Xinhua news agency reported.

"Across most G7 countries, inflation rates have reached levels not seen for decades," said an official statement 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 German Finance Minister.

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 mobilised $19.8 billion of budget support to help Ukraine in 2022.