The core concept of using interest rates to fight inflation is making everything more expensive so the economy is crippled enough to slow demand for labor. Hello!! That is the "DEFINITION" of inflation, not a viable fix for it.

The current inflation is "cost/push, meaning that disruption in normal supply and demand dynamics is creating a scarcity of supply. That initial scarcity was caused by Covid-19 and is now being resolved as the economy gets back to work. However, wages have never been known to go down without some extreme event, such as a deep recession or depression.

Some price adjustment to offset higher wage demands is to be expected, however, that is not enough to account for the rapid and extreme adjustments we have seen. It is more than obvious that producers have plugged in shareholder and management earnings as constants, removing any risk from investing and made possible by a corporate-friendly (neoliberal) and mostly feckless government and the current trend to deregulate everything in sight.

With the extreme consolidation of suppliers (monopolies) resulting from this trend, there is no supply/demand dynamic to adjust pricing downward, even as competition for market share should be reinvigorated. Add to that the ability of financial markets to prey on consumers by simply flooding some markets with QE liquidity (cash) and the rolling ball picks up even more speed.

None of this is subject to correction by making money more expensive for consumers. Any such benefit is offset by the fact that the higher rates also mean more government money created and distributed to the investor class in the form of debt service/bond ROI. The end goal, which is always to make labor subservient to capital, has been preloaded by the government allowing price adjustments to be uncontrolled and essentially accepting capital's hissy fit reaction to labor rejecting less than livable wages.