The head of the International Monetary Fund(IMF) has expressed optimism that global inflation, which triggered a cost-of-living crisis around the world, is subsiding.

According to Bloomberg, IMF Managing Director Kristalina Georgieva said at a conference in Dubai on Tuesday the chance has come to get a handle on the problem caused by inflation, which has disrupted millions of lives, adding that she sees a light at the end of the tunnel.

The IMF predicted in its January report that inflation would slow down this year after food and energy prices soared and interest rates climbed on the back of the global COVID-19 pandemic and Russia’s invasion of Ukraine in 2022.

The report projected global inflation to ease up from last year's eight-point-eight percent to six-point-six percent before further dropping to four-point-three percent next year.

The global body also forecast inflation rates to be lower in about 84 percent of all countries this year compared to last, while the world’s gross domestic product(GDP) is estimated to grow two-point-nine percent in 2023 and further to three-point-one percent in 2024.

However, the IMF chief cast concerns over the prolonged pandemic, the war in Ukraine, and the recent devastating earthquake that struck Türkiye and Syria.