Finance chiefs and central bank governors from the Group of 20 economies will open their two-day meeting on the Indonesian island of Bali on Friday.
On the agenda for the meeting will be inflation, which Western nations say is accelerating around the world because of Russia’s invasion of Ukraine.
Another major factor contributing to skyrocketing energy and food prices is supply and distribution chain disruptions caused by the coronavirus pandemic.
Data released by the US government on Wednesday showed that consumer prices in the country rose by 9.1 percent on an annual basis last month to the highest level in 4 and a half years.
Prices also rose sharply in other parts of the world despite central banks raising key interest rates. This puts additional pressure on people’s lives.
Rate hikes in major economies have eroded the value of developing countries’ currencies, fueling concerns that investors could pull funds away from them.
The US and European countries accuse Russia of contributing to the skyrocketing inflation by launching the invasion. But Russia blames the sanctions imposed on the country by Western countries.
The G20 framework includes countries with close ties to Russia, such as China and India. Observers are monitoring whether the delegates of the meeting will be able to cooperate in solving inflation and other issues.