Re: congratzz cute chandni
Not in your situation. Stick to interest rates. Actually, you just need to know interest.
In cases of high inflation which also means high prices or a general increase in prices. You would increase interest rates. Why?
Because with higher interest rates you are more likely to save in the bank as your receiving money. So, if many people do this then many people wont be spending money which would bring prices down and bring inflation down. Also high interest rates would make loans more expensive so people wont take them. Again reducing spending.
You control inflation by manipulating interest rates.