*  *  *  Economists are often accused of not being able to agree on anything. Although we are indeed a contentious bunch, one proposition commands almost unanimous assent within the economics community. That proposition is that free trade among nations promotes economic prosperity.
In practice, the three key elements driving inflation are interacting to push inflation up. But raising the policy rate will not fix supply chain disruptions, nor will it lower oil prices. What monetary policy can do is make borrowing more expensive, which slows domestic demand.