They believe that higher interest rates mean higher interest payments to the banks.. If you are in debt then the more money you have to pay to the banks the less you have to spend on other things like food, fuel, electronics.. If less money is being spent on food, fuel and other stuff there will be a drop in the sales of these other things.. That means there will be an over supply of these things and the suppliers of these things will need to lower their prices to get sales.. And if all these things start to be cheaper then that will lower inflation.. This is their idea anyway..
Of course the reason why food and fuel and electronics have been going up in price is because there is a lowering of supply of these items with the war in Ukraine cutting of millions of tons of Wheat and huge amounts of natural gas and China with it's insane Covid shutdowns is causing disruptions to it's manufacturing sector which reduces it's production and export of things like Iphones and other consumer electronics.. So this inflation has not been caused by consumers buy too much.. it has been caused by producers supply being reduced.. So as long as the supply side is failing to supply demand then raising interest rates is only going to cause more suffering to the population and will more then likely plunge the world economy into a global depression..
