IMF chief Kristalina Georgieva. (Photo: AFP)

With supply chain bottlenecks growing in the face of surging demand, policymakers have focused on rising prices and whether they will linger or fade away in the coming months.

Georgieva said at the G30 central banking conference that the world is uncertain now, however, in advanced economies "policymakers have the tools" to deal with inflation.

Finance ministers and central bankers who gathered in Washington last week for the annual meetings of the IMF and World Bank were concerned that the price increases could be more than transitory.