Heineken NV said it sees signs of weakness in consumer demand after beer sales missed estimates amid growing inflationary pressures. The world's second-largest brewer said beer volumes rose 8.9 per cent on an organic basis during the third quarter, which was below the 11.8 per cent 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.