Treasury head Rachel Reeves has stated she is preparing "focused steps to address household expense issues" in the forthcoming financial statement.
During an interview with the BBC, she noted that lowering price rises is a joint task of both the administration and the central bank.
The UK's price growth is expected to be the highest among the Group of Seven industrialized countries this calendar year and next.
Possible Utility Cost Measures
It is understood the government could intervene to reduce utility costs, for example by reducing the current 5% rate of VAT charged on energy.
A further option is to lower some of the policy costs currently included in household expenses.
Budgetary Constraints and Expert Predictions
The government will obtain the latest assessment from the official forecaster, the OBR, on the start of the week, which will show how much space there is for such actions.
The consensus from the majority of economists is that Reeves will have to introduce higher taxes or expenditure reductions in order to adhere to her voluntary debt limits.
Previously on Thursday, analysis suggested there was a £22bn gap for the chancellor to resolve, which is at the more modest range of expectations.
"It is a collective task between the central bank and the administration to bear down further on some of the sources of price increases," the Chancellor stated to reporters in Washington, at the annual meetings of the IMF and global financial institution.
Tax Commitments and International Issues
While a great deal of the attention has been on expected tax rises, the Treasury chief said the most recent data from the OBR had not changed her commitment to manifesto promises not to raise rates on income tax, VAT or National Insurance.
She attributed an "uncertain world" with increasing geopolitical and commercial concerns for the fiscal revenue measures, probably to be targeted on those "wealthiest."
International Economic Disputes
Commenting on concerns about the UK's economic relations with China she said: "Our national security always are paramount."
Last week's statement by Chinese authorities to tighten export controls on rare earths and other resources that are crucial for high-technology production led American leader Donald Trump to suggest an further 100% import tax on imports from the Asian country, raising the prospect of an full-scale commercial conflict between the two economic giants.
The American finance chief labeled China's move "commercial pressure" and "a global supply chain control attempt."
Inquired about accepting the US offer to participate in its conflict with the Asian nation, the Chancellor said she was "deeply worried" by China's measures and encouraged the Beijing authorities "not to put up barriers and limit trade."
She said the decision was "damaging for the international commerce and causes additional obstacles."
"It is my opinion there are sectors where we must challenge China, but there are also important opportunities to export to Chinese markets, including banking sector and other sectors of the economy. We've got to achieve that balance correct."
The Treasury chief also confirmed she was collaborating with international partners "regarding our own essential resources approach, so that we are less reliant."
NHS Medicine Pricing and Investment
Reeves also recognized that the cost the National Health Service pays for pharmaceuticals could rise as a result of current discussions with the US government and its drugs companies, in return for reduced taxes and funding.
Some of the world's largest drug companies have said lately that they are either pausing or canceling operations in the UK, with several attributing the low prices they are obtaining.
Last month, the Science Minister said the cost the NHS pays for medicines would need to rise to halt businesses and drug research funding departing from the United Kingdom.
Reeves stated to media: "We have seen as a result of the payment system, that clinical trials, recent pharmaceuticals have not been offered in the United Kingdom in the manner that they are in other European countries."
"We want to make sure that people receiving care from the National Health Service are can receive the best critical drugs in the globe. And so we are examining this situation, and... looking to secure additional capital into Britain."
