Interest rates are a base cost to everything. Base cost to business and base cost to consumers. Interest rate increases will raise prices (cause inflation), especially since many consumers are paying for things with savings and not debt.
I hope you recognize this is so far outside current economic consensus that I can't even call it a heterodox theory. It's just wrong. This is the same logic used to justify repeated interest rate cuts in Turkey, which is causing disastrous inflation.
Interest rates also represent the opportunity cost of money. An increase in rates leads people to save rather than consume, decreasing the velocity of money and tending to lower inflation.