Look at the EU central bank and their rising on interest rates despite rising prices not proving rising demand....but they live by their model...
You get a war as external shock that makes oil scarcer while the economy is already contracting...so they hike rates, what will not create oil but crushes demand on top of a supply collapse...
Most of the time economists are just making up excuses for why it's actually a good thing to give all the world's money to rich people who happen to employ economists, but sometimes there's a spark of truth.
Its not the ECB - many central banks are doing the same for the same reasons.
What do Economists do?: Raise interest rates!
Excellent. How many barrels of oil did that create? Zero.
It takes a remarkable level of abstraction to look at a physical shortage and conclude that the real problem is that people still have too much money.
They are worst than a fraud...Economist are criminals...
Central banks don’t take the cause of inflation into account when they adjust borrowing rates. This is a feature, not a bug.
Surprisingly, this system was created by bankers and politicians, rather than economists /s
There are also many sources of 'cost of living' which are not related to money supply and therefore not directly related to monetary policy.