At least they can't have any effect on today's situation. The high inflation (it is coming down - it was 8%% - its down to 4%) was caused by worker shortages after the pandemic.

Fewer able-bodied workers after covid commanded higher prices, just as the serfs who survived the Black Death in the middle ages commanded better working conditions subsequently. The shortages in goods as fewer factory workers could make them and fewer truckers could move them also raised prices.

None of these causes for higher prices is impacted by higher interest rates.