Treasury head Reeves has revealed she is planning "targeted action to tackle cost of living challenges" in next month's Budget.
During an interview with media outlets, she stated that reducing inflation is a joint responsibility of both the government and the Bank of England.
The United Kingdom's price growth is forecast to be the highest among the G7 developed nations this year and next.
Sources suggest the government could intervene to reduce energy bills, for example by slashing the present 5% level of value-added tax applied on energy.
Another option is to reduce some of the government charges currently included in household expenses.
The administration will receive the latest assessment from the official forecaster, the OBR, on the start of the week, which will show how much space there is for these actions.
The consensus from most analysts is that Reeves will have to introduce tax increases or spending cuts in order to meet her voluntary borrowing rules.
Previously on the same day, estimates indicated there was a £22bn shortfall for the chancellor to address, which is at the more modest range of forecasts.
"It is a joint responsibility between the central bank and the administration to further reduce some of the causes of price increases," the Chancellor told reporters in Washington, at the annual meetings of the International Monetary Fund and World Bank.
While a great deal of the focus has been on probable tax increases, the chancellor said the most recent data from the fiscal watchdog had not altered her commitment to manifesto promises not to increase tax levels on income tax, VAT or social security contributions.
She blamed an "uncertain world" with rising international and trade concerns for the Budget tax moves, likely to be focused on those "wealthiest."
Referring to concerns about the United Kingdom's trade ties with the Asian nation she said: "Our national security invariably are paramount."
Last week's announcement by Chinese authorities to tighten trade restrictions on critical minerals and other resources that are crucial for advanced tech manufacturing led US President the US President to suggest an additional 100% import tax on imports from the Asian country, raising the risk of an full-scale trade war between the two global powers.
The American finance chief described the Chinese decision "commercial pressure" and "a global supply chain power grab."
Asked about accepting the US offer to join its battle with China, the Chancellor said she was "very concerned" by China's actions and encouraged the Beijing authorities "not to put up barriers and restrict access."
She said the move was "damaging for the world economy and causes further obstacles."
"I believe there are fields where we need to challenge China, but there are also significant prospects to trade with China's economy, including financial services and other sectors of the economic system. We've got to achieve that equilibrium correct."
The chancellor also confirmed she was collaborating with G7 counterparts "on our own critical minerals strategy, so that we are more independent."
Reeves also admitted that the price the National Health Service spends on medicines could increase as a consequence of current negotiations with the US government and its drugs companies, in exchange for reduced taxes and capital.
A number of the world's largest pharmaceutical manufacturers have said in recent statements that they are either halting or scrapping operations in the United Kingdom, with several attributing the modest returns they are obtaining.
Last month, the government science advisor said the cost the health service spends on medicines would need to increase to stop businesses and pharmaceutical investment departing from the UK.
The Chancellor informed media: "We have seen because of the cost structure, that clinical trials, innovative medicines have not been offered in the United Kingdom in the manner that they are in other continental states."
"We want to make sure that people getting care from the National Health Service are able to receive the finest critical treatments in the globe. And so we are looking at these issues, and... seeking to obtain additional capital into Britain."
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