what could be proper remedy for controlling the inflation?

Answer 1

Your question is a lot more complicated than it seems.

It really depends on the source of the inflation. It could be that the central bank is being too lax. In that case, an increase in interest rates is the right policy response.

However, suppose that the government is being lax by spending like crazy. This would also put pressure on goods prices and crowd out private spending and private investment. In this case, reining in fiscal policy is the right approach. Of course, if that doesn't work, then the central bank might need to raise interest rates further to make it really expenive for the fiscal wackos.

Answer 2

Increase interest rates is a remedy that slows inflation.