Finance chiefs from the Group of Eight countries are expected to discuss Friday in Osaka how their economies can tame the soaring oil and food prices battering businesses and consumers around the world.

But analysts and government officials say there are no effective measures in sight, at least in the short term.

The upcoming two-day meeting brings together the financial leaders of Britain, Canada, France, Germany, Italy, Japan, Russia and the U.S. to lay the groundwork for the July 7-9 G8 summit in Hokkaido.