Those interest rate increases will have no effect on inflation. Doesn't anybody remember the 70's and "stagflation".
The rise in interest rates is merely the central bankers protecting themselves. Because they can.
We are funding a very expensive war in the Ukraine on "borrowed" money, which is basically the same thing as "money created out of nothing" by the central banking system. The US Government spends about twice as much as it collects in taxes and effectively prints the rest. That is what drives inflation.
We have been able to export that and limit the effects on our economy because the US dollar has been the world's reserve currency for most of our lifetimes. That is not sure thing anymore. The main advantage we have is that other countries are doing an even worse job of managing their money supply.
The whole arrangement is coming apart now. The winners will be factions that can get control of productive people and protect them from the other more predatory factions. I do not believe that can be done any longer by clever manipulations of the financial system. And all the factions are predatory now.