"The recent commodity and food price rise and their volatility constitute a grave threat to economic growth and food security in our economies," Mukherjee said at a meeting of G-24 Finance Ministers in Washington, DC.
He took over as the new chairman of the group from South African Finance Minister Pravin J Gordhan towards the end of the meeting.
The G-24 grouping comprises 24 developing countries from Asia,
Africa and Latin America.
It aims to ensure increased representation and participation of developing countries in negotiations on the reform of the international monetary system.
Economic development and poverty alleviation, he said, is a challenge and the next few months would be crucial for the global economy.
"Increased investment in agriculture and productivity should be the strategic priority of G-24 to cool prices and provide food security to our people. There is a need to ensure transparency in commodity markets," he said.
Mukherjee said the G-24 should continue to push for more ambitious progress on reform of the governance mechanisms of international financial institutions.