US-Israeli strikes launched against Iran on February 28 sparked Tehran''s retaliation, virtually closing the Strait of Hormuz, a key shipping route for oil and fertilizers.

Energy prices have since surged, squeezing countries -- especially vulnerable economies and those dependent on oil exports from the region.

"We are concerned about risks for inflation, moving into food prices should the delivery of fertilizers at a reasonable price (not be) restarted soon," Georgieva said.

But as countries move to limit price shocks on their citizens, Georgieva urged central banks to "wait and see" before adjusting interest rates if they can do so.

She said this was particularly the case where the public has a "well-anchored" expectation of inflation being kept under control.

"If we are to move faster out of the war, it may not be necessary to take action," she said.