How to understand interest rates in a 'real' way

Even this week, the Federal Reserve is expected to announce another hike in its interest rate. This would be the fourth in less than a year and the first time since the start of the millennium the central bank has run multi-consecutive increases. The UK has also been raising rates successively, now at 0.75%, the highest it has been for over a decade. This widespread uptick in rates has largely been in response to rising global inflation. Traditionally, interest rates are a tool used to attempt to control rising prices, which have now been driven up by lingering supply and demand issues f...