Jeremy Hunt has backed interest rate hikes for Brits to curb inflation even if they risk pushing the UK into recession.
The Tory Chancellor insisted that getting a grip on rising prices was the "only path to sustainable growth".
Official figures show inflation finally dipped into single figures in the 12 months to April - with the measure of prices at 8.7%.
But food costs remain sky-high, dropping only slightly from 19.2% in the year to March to 19.1% in the year to April.
The Bank of England has hiked interest rates repeatedly to tackle inflation - in a hit to mortgage payers - and experts have warned they could raise them higher than the current 4.5% next month.
Mr Hunt told Sky News that prioritising measures to calm rising prices was necessary even if rate hikes damage the UK's gross domestic product, or GDP, a measure of the size of the economy.
Asked if he was comfortable with the Bank acting to bring down inflation even if it could precipitate a recession, Mr Hunt said: "Yes, because in the end inflation is a source of instability.
"If we want to have prosperity, to grow the economy, to reduce the risk of recession, we have to support the Bank of England in the difficult decisions that they take.
"I have to do something else, which is to make sure the decisions that I take as Chancellor, very difficult decisions to balance the books so that the markets, the world, can see that Britain is a country that pays its way - all these things mean that monetary policy at the Bank of England (and) fiscal policy by the Chancellor are aligned."
Rishi Sunak has promised to halve inflation this year as part of his five key pledges in January - when the figure stood at 10.1%.
The Bank's governor Andrew Bailey said there is still a chance the Government will meet the pledge despite the challenges.
The International Monetary Fund has also upgraded its growth forecast for the UK, now expecting it to avoid a recession and grow slightly by 0.4%.
Mr Hunt told Sky: "It is not a trade-off between tackling inflation and recession.
"In the end, the only path to sustainable growth is to bring down inflation."
Labour's Nick Thomas-Symonds said families were feeling the pinch due to Tory chaos - and blasted the Government for lacking a credible plan to solve the cost of living crisis.
"No Government should ever be content to see recession," he said.
"What we are seeing I'm afraid are the consequences here of all these failed and wasted years of Conservative rule.
"We are only - even now - a few months away from that absolutely disastrous Truss-Kwarteng mini-Budget.
"People are paying the Tory mortgage premium up and down the country and people are still dealing with the consequences of this Tory chaos."
Liberal Democrat Deputy Leader Daisy Cooper said: "This would be a recession made in Downing Street. Rishi Sunak’s promise to grow the economy has been left in tatters.
“This government’s failure to cut inflation is sending mortgage rates spiralling as the Conservative economic chaos continues.
“Rishi Sunak and Jeremy Hunt could have acted to reduce energy bills and keep food prices under control. Instead they’ve sat on their hands while inflation goes through the roof.”
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