Briefly explain what are the interest rates and how does the central bank's interest rate impact...

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Briefly explain what are the interest rates and how does the central bank's interest rate impact the economy? Whic role do demand and supply play oninterest rates? Do you think that rising interest rates effect inflation? If so, explain how? If increasing interest rates to tackle inflation causes economic pain, why would we increase it? Briefly explain what are the interest rates and how does the central bank's interest rate impact the economy? Whic role do demand and supply play oninterest rates? Do you think that rising interest rates effect inflation? If so, explain how? If increasing interest rates to tackle inflation causes economic pain, why would we increase it?