WASHINGTON—The International Monetary Fund’s steering committee on Thursday urged global policymakers to monitor pricing dynamics closely, but to “look through” inflationary pressures that are transitory and will fade as economies normalize. The International Monetary and Financial Committee (IMFC), made up of 24 finance ministers and central bank governors from IMF member countries, said in a final communique that governments should “carefully calibrate” domestic policies to an evolving pandemic. “We will continue to prioritize health spending and protecting the most vulnerable, while shifting focus, as appropriate, from crisis response to promoting growth and preserving long-term fiscal sustainability,” they said. Inflation concerns, stoked by pent-up demand, supply chain bottlenecks, higher energy and commodity prices, and weather events have been a hot debate topic at IMF and World Bank annual meetings this week, and contributed to the Fund trimming its global growth outlook on Tuesday. “Central banks are monitoring price dynamics closely and …