The International Monetary Fund's steering committee on Thursday will call for increased monitoring of inflation dynamics and for policymakers to be ready to take "decisive actions to maintain price stability," a draft communique seen by Reuters showed.

The statement, to be issued by the Fund's International Monetary and Financial Committee (IMFC), highlights significantly increased concerns at the IMF and World Bank annual meetings this week that inflation spikes may prove more durable.

"The current surge in inflation is still assessed to be mainly driven by those temporary factors but now appears less transitory than previously expected, and upside risks to the inflation outlook in the near term are increasing in a wide range of countries," the 24-member IMFC said in the draft statement.