As far as I know, most of these governments are inclined towards the Keynesian economic model. According to this model, controlling inflation requires reducing demand, which in turn can lead to economic damage and increased unemployment. This is the approach they are currently taking. However, the Austrian economic model suggests that instead of dampening demand, inflation can be controlled by increasing production, which is less likely to harm the economy. It is possible that my understanding is not entirely accurate, as there are many intelligent individuals involved in making these decisions.
RE: Why do the banks keep raising mortgage rates??