International efforts to keep rampant inflation at bay will be the prime focus when G20 treasurers and finance ministers meet in India.

Apart from the main forum, Treasurer Jim Chalmers will meet with counterparts from India, Canada, Germany, Britain, the Netherlands, Indonesia and South Korea.

The G20 finance ministers’ and central band governors’ meeting in Bengaluru will begin on the first anniversary of Russia’s invasion of Ukraine.

“Nations are battling high inflation, rising interest rates, a global energy shock and weakening economic growth,” Dr Chalmers said in a statement.

“The G20 meeting will provide an opportunity to discuss economic developments and share insights on steps to address inflation – the number one challenge facing the global economy and our own economy.”

The agenda includes ensuring cost-of-living relief is targeted to avoid spurring inflation, easing global supply chains, and ensuring fiscal and monetary policy work hand in hand together.

“The G20 meeting will be critical in taking the temperature of the global economy and feeding that back into preparations for our May budget at home,” Dr Chalmers said.

– AAP