Interest rate hikes do not bite on profit-driven inflation. Big capital is using its strength. Many companies have a monopoly position. They are using this to push prices up faster than wages. This is how Big Capital is using the crisis after Ukraine and the bottleneck effects after Corona. There are now bottlenecks in, for example, economically important semiconductors and other things. This means that the production of certain goods does not keep up with the pace of the economy and prevents the production of other goods. This can lead to inflation. Bottlenecks normally occur when the economy is overheated. In 2022, the bottlenecks are not due to excessive demand but to lack of production during the pandemic. Then it will not help to strangle the economy and thus production further. Read everything in Robert Reich's column at https://open.substack.com/pub/robertreich/p/the-fed-is-dead
Interest rate hikes historically do not control the economy . In addition, higher interest rates risk wiping out large parts of society's production. Many ordinary people will have their household finances crushed before inflation falls.
My essay on post-Covid inflation shows that post-Covid inflation is not due to low- and middle-income earners having too much purchasing power. Society's investments in production are not too high either. Reducing production when there are bottlenecks due to lack of production during the pandemic only prolongs the life of the bottlenecks.
The entrepreneurs take advantage of the situation. When one raises prices, the others think they can follow suit. although nothing has become more expensive for them. The electricity market is incredibly mismanaged. The state has let go, and then the electricity companies do what they want.