UPDATE 1-Goldman Sachs CEO expects higher inflation

(Adds comments on uncertainty in financial markets)

NEW YORK, Dec 7 (Reuters) - Goldman Sachs Chief Executive David Solomon anticipates inflation will be higher for a period but doesn't expect a repeat of the cost rises seen in the 1970s, he said in an interview with CNBC.

"There's a reasonable chance that we're going to have inflation above trend for a period of time but that doesn't mean it has to be like the 1970s," he said. "You've got to be cautious and manage your risk appropriately."

The International Monetary Fund last week warned of intensifying inflationary pressures, especially in the United States, and said U.S. central bankers should focus more on inflation risks.

Solomon acknowledged "uncertainty" in global financial markets due to factors including the Omicron COVID-19 variant and question marks over the pace at which the Federal Reserve and other central banks will reduce asset purchases.

"We're still not completely out of the pandemic. There's uncertainty that comes from that and that uncertainty is going to affect economic activity," he said.

"On top of that, we have shifts going on in fiscal and monetary policy to try to balance that. There's no question that this has been an unprecedented period so it's very hard to predict how we're going to come out of this." (Reporting by Matt Scuffham, Editing by Louise Heavens)