International Monetary Fund Managing Director Kristalina Georgieva called on world policymakers to prevent inflation from becoming "a runaway train" during extreme global economic turmoil, AP reported.

She said the world economy is "has been hit by one shock after another" - the coronavirus pandemic, the war in Ukraine and a new spike in inflation.

But curbing price increases should be a priority, she said. "If we do not restore price stability, we will undermine prospects for growth,″ she said, adding: “We cannot possibly allow inflation to become a runaway train — bad for growth, bad for people, bad especially for poor people.″

The Federal Reserve and other central banks are raising interest rates to curb inflation. The U.S. reported Thursday that inflation accelerated in September, and the cost of housing and other basic necessities added to the pressure on Americans. Consumer prices rose 8.2 percent from a year earlier in September.

Georgieva acknowledged that higher borrowing costs will slow economic growth, but urged policymakers to exercise restraint in spending to ease the pain.

Governments, many of which are already mired in debt after dealing with the pandemic, should focus on helping the most vulnerable in times of food shortages and exorbitant energy costs, rather than on broader spending programs. "Policy measures need to be well targeted, and they need to be temporary," she said.

Georgieva also warned that the "fragmentation" of the global economy into competing political blocs could lead to continued inflation. If geopolitical tensions force companies to move their supply chains - for example, from China - production could become less efficient and more expensive. And there's little the central bank's rate hikes can do about it. "If we lose the benefits of a more-integrated global economy, we all would be poorer,″ she said.

Georgieva made the comments as the world's financial leaders gather in Washington for the fall meetings of the IMF and World Bank.