This is a giant deal that is getting closer...
Ah, inflation, the gift that just keeps on giving. The “cure” for inflation is to raise interest rates in general and most of all for consumer purchases, which in turn stops most economic activity.
The higher interest rates are in effect absorbing all the excess money in circulation, so there is no longer too much money chasing too few goods. A new equilibrium is established, but not without considerable pain during the “readjustment”.