G20 central banks pledge to control inflation

Finance leaders from the Group of 20 nations have agreed to act to curb the impact of rising prices amid concerns that soaring inflation rates could risk the global economic recovery.

Finance ministers and central bank governors from the economies released a communique after a meeting in Washington on Wednesday.

It says central banks are monitoring current price dynamics closely and will act to curb inflation where necessary.

The statement says the global economic recovery has continued at a solid pace.

But it says the resumption of economic activity faces risks, including uneven coronavirus vaccination rates.

The statement says that G20 economies will aim to address vaccine bottlenecks in low-and middle-income countries over the coming months.

Bank of Japan Governor Kuroda Haruhiko said he believed that the price increases would eventually ease off.

Kuroda said, "The rate of increase in consumer prices is exceeding the target of 2 percent in the US and in some European countries. But the current price increases are caused by temporary factors such as supply chain disruptions."

He said other central bankers share the same view.