MEXICO CITY, April 22 (Xinhua) -- Pacific Alliance finance ministers have proposed strengthening global value chains to offset rising food and raw material prices, the Mexican Finance Ministry said in a statement Friday.

       The officials, from the trade bloc made up of Chile, Colombia, Mexico and Peru, said that the world economy is moving toward a balance of lower growth and higher inflation.

       Short-term inflationary risks are primarily affecting lower income households directly, they warned at the XXVI Meeting of Pacific Alliance Finance Ministers, which was held in the U.S. capital Washington D.C. on Thursday in the framework of the Spring Meetings of the International Monetary Fund and the World Bank.

       The hybrid meeting was attended in person by Chile's finance minister, Mexico's secretary of finance and public credit, Peru's minister of economy and finance, and virtually by Colombia's minister of finance and public credit, the statement said.