The conventional tools of monetary policy, such as short-term interest rates, affect demand-side conditions by altering the costs of borrowing. These conventional tools are ineffective at controlling supply side-generated inflation.

Governments of all sorts are prone to abdicating their authority and denying their ability (for some, their mandate) to regulate commerce. Central banks have few effective stand-alone tools to turn momentum away from inflation because they were designed to work in concert with the greater authority of the governments from which their power originates.

Contrary to popular myths and political rhetoric, few central banks have the authority to "create" money on demand. They can only shift the benefits of wealth toward or away from investors. Given that bond rates force their respective governments to create more of their currency to retire those bonds, this simply shifts currency creation and budgeting toward those who benefit from investments and away from those who depend upon wages who are most likely and first to feel the effects of the inflation the higher rates were thought to mitigate.

Fiscal policy that improves supply chain infrastructure while assuring that the floor for the most vulnerable doesn't collapse from higher prices will be required, not increasing the ROI for the investment class via higher return on passive investment. The general consensus over the last few decades, especially in more capitalist countries, has been to shun more government control over the private sector and vilify the creation of new money in the economies out of some delusion that increasing the money supply to deploy available resources is inherently inflationary.

We will have to shed that delusion if we are truly going to get a handle on inflation, but it is so ingrained in the accepted dialogue of economics via our politics that the average citizen will reject the truth to preserve their assumptions.