The world’s second-largest brewer said beer volumes rose 8.9% on an organic basis during the third quarter, which was below the 11.8% average analyst estimate. Rising costs dented margins and higher prices stopped some customers from drinking more.

“We increasingly see reasons to be cautious on the macroeconomic outlook, including some signs of softness in consumer demand,” Chief executive officer Dolf van den Brink said in a statement Wednesday.

Heineken maintained its outlook for modest growth this year as a rebound in the beer business is clouded by Russia’s war in Ukraine and price pressures.

Brewers have managed to largely protect margins this year by raising prices to cope with soaring costs. But there’s a limit to how much customers may be able to handle that as rampant inflation and higher food and energy costs destroy discretionary purchasing power.

Earlier this year, Heineken itself warned it was facing the worst inflation in a decade and said consumers may cut back on beer, threatening the industry’s recovery from the pandemic.