As regards 'inflation and interest rates', central banks of course are on guard for rising inflation & of course deploy interest rate increases to damp it down. They don't want economies to overheat & inflation to get out of control, so they use the main weapon at their disposal.
A graph showing inflation rising in concert with interest rates is not mapping inflation rising due to rising interest rates, it is mapping rising inflation and interest rates rising as a consequence due to central bank actions in response.
The danger in the above - as I have mentioned in previous posts - is that inflation is a measure of economic recovery and if the central bank over-does the interest rate increases, it can kill a recovery stone dead and in fact trigger a recession. History shows this often does happen.
