[ralph84]

We haven’t had runaway inflation like this in the US since the late 70s/early 80s. At that time it did indeed require interest rates higher than inflation to stop it. It took a fed funds rate of 20% to reverse 14% inflation.

[dragontamer]

It's not so much the absolute value of interest rates that matters, as much as the increase or decrease relative to earlier prices that matters.

Going from 1% rates to 2% is in many ways a bigger change than say a 15% to 16% increase.