>Only if the reason for the inflation is too much economic activity, rather than too little.

Inflation is caused by a mismatch in aggregate supply and aggregate demand. Interest rates can even be somewhat effective in the case of a supply shock—whether or not that's the tool you want to use depends on how long you expect the supply shock to last.

>Hint: today the problem is supply, not demand

The data indicates this is not the case—demand is a strong contributor to inflation and ignoring that will only cause us more problems.