IMF Chief: Global Inflation Nearing Its Peak

The global surge in consumer prices may be close to the high point of the current cycle but might yet prove stubborn, International Monetary Fund (IMF) Managing Director Kristalina Georgieva says, Bloomberg News reported during the COP27 climate change meeting in Egypt,

Photo Insert: While Georgieva is careful not to speculate, she said it's possible inflation is peaking.

“I’m not going to jump ahead of data, but it is very possible that we are peaking,” Georgieva said, just days before a report that will probably show US inflation for October stayed close to 8%.

“We now see central banks very united on fighting inflation as a top priority and rightly so. If we don’t succeed, it would de-anchor and then the foundation for growth which is price stability is dented.”

Meanwhile, European Investment Bank (EIB) President Werner Hoyer warned against ‘’backtracking” on energy transition, saying dependence on fossil fuels must stop despite the challenges posed by the invasion of Ukraine and rising energy prices, John Ainger and Laura Millan Lombrana wrote for Bloomberg News.

“Backtracking would be absolutely the wrong step, but of course, the temptation is there,” Hoyer said in an interview with Bloomberg TV on the sidelines of COP27.

He also said developing countries must get the necessary support from the industrialized world to enable them to benefit from renewable energy.

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