Yes, but ....
The widely-held view among people who know about these things, and who do not have an allegiance to the government or the BoE, is that the current global inflation figures (ours being the worst in the G20) are NOT demand-driven (which could be controlled by restricting people's ability to spend) but supply-driven, so increasing interest rates turns into a vicious circle.
The war in Ukraine has pushed fuel, energy and food commodity prices up, which has led to all manner of inflationary pressures and is nothing to do with people's spending power, which has been stretched to breaking point.
BoE put interest rates up, which has resulted in many businesses having higher overheads. When these are combined with the energy prices, they have had to put prices up, irrespective of people's desire to buy stuff.
Inflation has also caused ever-higher wage demands, which puts companies' overheads up ... and so on and so forth.
The previous 12 interest rate rises in the past year or so have done bugger-all to curb inflation, and there is NO reason to suppose that whacking them up by another 0.5 points today will have any effect either OTHER than to drive the economy into recession, which WILL reduce inflation, and many economists believe is the BoE's intention.
There will be a lot more people who will suffer financially as a result of this.