An inflationary spiral based on expectations. It is a very different one from a deflationary one.
In the case of supply chain disruption (think floods and drought) it's a supply shock and at best businesses have to scramble to adapt (invest etc) to get around the problem. But hammering COL demand is perverse.
In all cases, messing around with interest rates is largely an exercise in futility.
I have to wonder if jacking interest rates "fixes" inflation in the sense that improved bank balance sheets allow them to more casually extend business operating credit. In short, it's only through business investment that supply constraints are alleviated.
Interest rates cause inflation from those who can raise prices and austerity from those who cannot.
They lend $20 real money, $80 that only exists on paper. You pay back $100 plus interest of real value created by your labor. If that's $120, they flip that into $600 worth of loans and the cycle repeats.