By combining monetary and fiscal policies, governments can tackle inflation without hiking interest rates. Some examples include: 

1. Supply-side policies: Governments can encourage businesses to increase production and invest in new technologies to increase the supply of goods and services, which can help decrease inflation.

2.Structural reforms: Governments can implement policies encouraging greater competition and productivity, which can help keep prices in check.

3.Targeted interventions: Governments can use targeted policies to address specific inflationary pressures, such as price controls or subsidies for certain goods and services.

4.Currency appreciation: Governments can allow their currency to appreciate in value, making imports cheaper and curbing inflation.

By Economist: Moustafa Maher