Chancellor Rachel Reeves has stated she is preparing "targeted action to address cost of living pressures" in the forthcoming financial statement.
In comments to the BBC, she noted that lowering price rises is a joint responsibility of both the administration and the central bank.
The UK's price growth is expected to be the most elevated among the G7 developed nations this calendar year and next.
Possible Utility Cost Interventions
Reports indicate the administration could take action to lower energy bills, for example by slashing the current 5% rate of value-added tax charged on energy.
Another approach is to reduce some of the policy costs presently added to household expenses.
Budgetary Constraints and Expert Expectations
The government will receive the latest report from the official forecaster, the Office for Budget Responsibility, on Monday, which will clarify how much scope there is for these actions.
The view from most experts is that the Chancellor will have to introduce higher taxes or budget cuts in order to fulfill her declared fiscal targets.
Earlier on the same day, analysis showed there was a £22 billion deficit for the Treasury chief to address, which is at the lower end of expectations.
"There's a collective task between the central bank and the administration to bear down further on some of the drivers of price increases," the Chancellor stated to the BBC in the US capital, at the yearly gatherings of the IMF and World Bank.
Tax Pledges and International Concerns
While a great deal of the attention has been on probable tax rises, the chancellor said the most recent figures from the OBR had not altered her vow to campaign commitments not to increase rates on earnings tax, VAT or social security contributions.
She blamed an "uncertain global environment" with rising geopolitical and trade issues for the Budget revenue measures, likely to be focused on those "most able to pay."
Global Economic Disputes
Addressing apprehensions about the United Kingdom's trade ties with the Asian nation she said: "The UK's security interests always come first."
Last week's statement by China to strengthen trade restrictions on critical minerals and other resources that are key for high-technology production led US President the US President to suggest an extra 100% import tax on imports from the Asian country, increasing the possibility of an all-out trade war between the two economic giants.
The American finance chief described China's decision "commercial pressure" and "a international production control attempt."
Inquired about considering the US offer to join its battle with the Asian nation, the Chancellor said she was "very concerned" by China's actions and called on the Beijing authorities "to avoid restrictions and restrict access."
She said the move was "bad for the world economy and creates additional challenges."
"It is my opinion there are areas where we should challenge China, but there are also significant chances to trade with Chinese markets, including financial services and other sectors of the economic system. We've got to maintain that balance appropriate."
The Treasury chief also confirmed she was collaborating with international partners "regarding our own critical minerals plan, so that we are more independent."
NHS Medicine Costs and Investment
The Chancellor also admitted that the price the NHS spends on drugs could rise as a result of ongoing talks with the US government and its pharmaceutical firms, in exchange for lower tariffs and capital.
Some of the biggest global drug companies have said lately that they are either delaying or scrapping projects in the United Kingdom, with several attributing the insufficient payments they are receiving.
Recently, the government science advisor said the price the NHS pays for medicines would need to increase to halt firms and pharmaceutical investment departing from the United Kingdom.
Reeves told the BBC: "We have seen because of the cost structure, that drug testing, new drugs have not been offered in the United Kingdom in the extent that they are in other continental states."
"We want to guarantee that patients receiving care from the NHS are can receive the best essential medicines in the world. And so we are reviewing these issues, and... looking to obtain increased investment into Britain."
