G-20 Pledges Central Banks' Actions against Inflation Pressures

Economy Politics

Washington, Oct. 13 (Jiji Press)--Finance ministers and central bank chiefs from the Group of 20 advanced and emerging economies agreed to act against inflation pressures, at their meeting in Washington on Wednesday.

They also expressed support for a recent Organization for Economic Cooperation and Development accord on new international corporate taxation rules.

Central banks "will act as needed to meet their mandates, including price stability, while looking through inflation pressures where they are transitory," the G-20 finance leaders said in a joint statement released after their meeting.

The pledge for central banks' actions to ensure price stability came at a time when concerns are growing that heightened inflation pressures traced to soaring crude oil, natural gas and other resource prices may put a drag on the global economic recovery from the coronavirus crisis.

Bank of Japan Governor Haruhiko Kuroda said in a press conference after the G-20 meeting that inflation is occurring due to temporary factors such as confusion in supply chains for components.

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