I think part of the problem, is in order to truly combat inflation (not just the CPI) the cost of borrowing needs to be higher than the actual inflation rate it

I think part of the problem, is in order to truly combat inflation (not just the CPI) the cost of borrowing needs to be higher than the actual inflation rate itself. So, if inflation is 10% right now, interest rates need to be above 10% to create a real negative pressure on the inflation rate itself. Otherwise, it is simply warning shots, and a hope that people will change their behaviour voluntarily. To remove money supply from circulation; saving that money must be more beneficial than borrowing it. At this point in the cycle, it is still cheaper to borrow money vs save it. Inflation is... 8.2% let say, so... I can save that money at get 4-5% return for instance, so I'm still losing 3-4% per year in that simple scenario. Or, I can continue to spend, and borrow at a rate less than the 8.2% inflation rate. It's a bit dishonest that many economists, and experts suggest that interest rates will peak soon. Truth is, they will not until they are higher than the real inflation rate.