The example of the US Federal Reserve in the early 1980s shall serve as a lesson here. Back then, the Fed raised its policy rate to 19%, no less, willingly accepting the cost of two severe recessions. Inflation expectations had become de-anchored at the time, and only extremely high interest rates helped curb the soaring inflation.
C.  Developments in consumer prices  The year-on-year rate of change in the CPI (excluding fresh food) was flat in January, and depending on developments in crude oil prices and foreign exchange rates, it may turn slightly negative in the short term.