Exactly... and it seems like right now it's more because of fewer goods to purchase (less energy supply because of Russia, less goods / workers because of covid), but demand has returned to pre-pandemic levels.

I'm a little worried they're fighting a money supply increase when the problem is a (hopefully relatively temporary) shortage of supply. I think the money printing resulted in some asset bubbles (crypto, real estate, stocks), and raising interest rates has popped it already. But I think inflation will just settle down as we get our energy and supply chains righted, regardless of where interest rates are.