The only sensible, strategy to deal with is that proposed by Modern Monetary Theory.

Instead of focusing on reducing aggregate demand by removing wage income from the economy through interest rate increases (classical monetary theory), focuses attention at what are the root causes of inflation and addresses them directly.

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issues can be addressed directly by expanding resources/complementary products available or developing infrastructure to improve the speed of goods reaching markets.

When the increase in prices is being led (as is the case now) by increased energy prices due to (among other things) a war in Europe, interest rate increases simply cause pain where none is needed. We need to acknowledge that.

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