(Bloomberg) -- 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 Managing Director Kristalina Georgieva said.

In the week that US inflation for October is likely show another outcome close to 8%, she spoke to Francine Lacqua on Bloomberg Television at the UN’s annual climate change summit in the Egyptian resort of Sharm el-Sheikh.

“I’m not going to jump ahead of data, but it is very possible that we are peaking,” Georgieva said. “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.” 

She said that officials will still struggle to bring consumer-price gains down to a more palatable pace. 

“Inflation is going to be harder to bring down to the desirable level of around 2%,” she said. “If we are going to see diversification of supply chains, that inevitably is going to put some upward pressure on prices.”

©2022 Bloomberg L.P.