Also, in case it isn't clear, rate hikes are indirect pressure on inflation exactly because they don't directly suppress wages in the way you describe. Instead they tighten credit, which reduces how many people can be employed, which gives employers more bargaining power which only then, eventually, ostensibly, suppresses wages. That's a pretty indirect chain of events, as I said. Per the link I cited, since wages aren't the main driver of inflation here, this arguably isn't even the best way to tackle this type of inflation. We need different tools, but the elite neoliberal class only has a "labour must sacrifice" sledgehammer, so they can't see any other possible options.