Raising interest rates raises inflation in the economy. Depressed demand caused by raised interest rates brings down inflation by putting people out of work with the restricted market activities caused by the raises in interest rates in markets.
Excess profits taxes and price controls on essential goods and services can not be introduced because the people who run the country work for the people who are making the windfall profits.
Nixon passed windfall profits taxes and price controls before his fall. The Corporate reality says this causes stagflation in the markets. This is now economic doctrine. Oh well.