Treasury head Reeves has revealed she is preparing "focused measures to deal with cost of living pressures" in the forthcoming Budget.
During an interview with the BBC, she noted that lowering price rises is a shared duty of both the administration and the Bank of England.
The United Kingdom's inflation rate is forecast to be the highest among the Group of Seven industrialized countries this calendar year and the following year.
Potential Energy Bill Measures
Reports indicate the administration could take action to reduce utility costs, for example by cutting the present 5% rate of VAT charged on energy.
An additional approach is to reduce some of the government charges currently included in household expenses.
Fiscal Constraints and Analyst Predictions
The government will obtain the latest assessment from the independent fiscal watchdog, the OBR, on the start of the week, which will reveal how much space there is for such measures.
The expectation from most experts is that the Chancellor will have to declare tax rises or spending cuts in order to adhere to her self-imposed debt limits.
Previously on the same day, analysis suggested there was a £22 billion shortfall for the chancellor to address, which is at the more modest range of expectations.
"It is a collective responsibility between the central bank and the government to further reduce some of the causes of inflation," Reeves told reporters in Washington, at the yearly gatherings of the IMF and World Bank.
Tax Pledges and International Issues
While much of the focus has been on likely tax rises, the chancellor said the latest data from the OBR had not changed her vow to manifesto promises not to raise rates on earnings tax, VAT or National Insurance.
She blamed an "uncertain world" with growing international and trade concerns for the Budget revenue measures, probably to be directed on those "most able to pay."
Global Economic Disputes
Commenting on concerns about the UK's economic relations with China she said: "Our security interests always are paramount."
Recent announcement by Chinese authorities to strengthen trade restrictions on rare earths and other materials that are key for high-technology manufacturing led American leader the US President to suggest an further 100% tariff on goods from China, raising the risk of an all-out commercial conflict between the two global powers.
The US Treasury Secretary called the Chinese decision "economic coercion" and "a global supply chain power grab."
Inquired about considering the American proposal to participate in its conflict with the Asian nation, the Chancellor said she was "extremely troubled" by Chinese measures and encouraged the Beijing authorities "not to put up barriers and restrict access."
She said the move was "bad for the world economy and generates further challenges."
"It is my opinion there are sectors where we must challenge China, but there are also important chances to export to Chinese markets, including financial services and other areas of the economic system. We've got to get that balance right."
The chancellor also affirmed she was cooperating with other major economies "on our own essential resources plan, so that we are more independent."
Health Service Drug Costs and Funding
Reeves also recognized that the cost the NHS spends on drugs could go up as a result of ongoing negotiations with the Trump administration and its pharmaceutical firms, in return for reduced taxes and funding.
A number of the world's largest drug companies have said in recent statements that they are either pausing or canceling investments in the UK, with some attributing the low prices they are obtaining.
Recently, the government science advisor said the price the NHS pays for drugs would must increase to prevent businesses and pharmaceutical investment departing from the United Kingdom.
Reeves told media: "It has been observed because of the cost structure, that medical research, new drugs have not been offered in the United Kingdom in the way that they are in other European countries."
"We want to make sure that people getting treatment from the National Health Service are able to obtain the top life-saving treatments in the globe. And so we are reviewing these issues, and... aiming to attract increased investment into the UK."
