Finance ministers and central bank governors from the Group of 20 economies have started a two-day meeting in Washington. They are gathering to discuss the growing effects of currency volatility and inflation around the world.

Surging energy prices and a global food crisis triggered by Russia's invasion of Ukraine were at the top of the agenda during Wednesday's session.

The officials also discussed how continued rate hikes in the US could slow the global economy and lead to further inflation.

After the meeting, Japanese Finance Minister Suzuki Shunichi said, "I told the members that we must be wary of the global ripple effects of tightened policies in developed countries."

Finance leaders from the Group of Seven industrialized economies also met earlier in the day.

They released a statement afterward saying they were aware of the increased currency volatility around the world this year and would closely monitor the situation.