As central bankers consider whether inflationary pressures are temporary, industry leaders worldwide have a clear message: prices are only going to increase.

Staff, fuel, freight ships, semiconductors, and building materials shortages as the global economy recovers from COVID-19 have companies ranging from electric car manufacturers to chocolatiers struggling to control costs.

Some of the world's largest brands are now transferring increased prices to consumers, and warning policymakers on the inflationary fence that things are about to get worse.

Finance ministers and central bank governors are tasked with determining when to begin reducing monetary and fiscal stimulus without damaging the economic recovery.

The IMFC urged global policymakers to keep a close eye on pricing dynamics, but "look through" inflationary pressures that will ease as economies normalise.

"The crucial question is whether this is a transitory inflation or not. Nobody has an answer to that," said French Finance Minister Bruno Le Maire.

BoE Governor Andrew Bailey has said he believes the recent increase in inflation, which is currently at 3.1% and expected to rise, is only temporary, but the BoE is widely expected to be the first major monetary authority to increase interest rates in the post-pandemic cycle.

For executives at companies with a finger on the pulse of dozens of commercial sectors, some of the issues driving prices higher are structural, and will persist.

However, if interest rates start rising, banks will benefit from charging more for loans.

Britain's Barclays chief executive, Jes Staley, said he was relatively relaxed about rising prices, and that an annual inflation rate of up to 4% in Britain might be beneficial to the bank as long as it was supported by economic development.