Please help me review and make a recomendaton on this paper "High inflation and its impact on households/businesses and monetary policy in Thailand" please focus on the theory section.

High inflation and its impact on households/businesses and monetary policy Root cause of the inflation in 2022 Thailand headline inflation is 5.98% as of Oct 22 breach the target range of 1-3%. Based on the consumer price index (CPI) that is constructed by the Ministry of Commerce, the key triggers driving up the inflation rate is rising energy price because of Russian Ukraine war and increase in food prices include vegetables because of flood, and raw meat (African swine flu), so the root cause cost of the high inflation are mainly from supply-side factor not the demand- pull, the MPC open letter to the minister of finance. Impact to the house holds/business Households, or consumers, lose purchasing power when the prices of items they buy, such as food, utilities, and gasoline, increase. Companies(business) lose purchasing power, and risk seeing their margins decline, when prices increase for inputs used in production. In response, companies typically raise the prices of their products or services to offset inflation, meaning consumers absorb these price increases. Business tradeoff between raising prices while ensuring that they don't suppresses demand. Impact on monetary policy The MPC began to raise the policy rate, +0.25% as of 10 Aug22, +0.25% as of 28 Sep22, +0.25% as of 30 Nov22. Theory Money Demand Theory ME MD' P YO M As production cost go up, the supply of companies moves to the left as their output product drops.For consumer, as price increase, consumer will need to hold more money since goods is more expensive e.g., food, raw meat, vegetable, oil price. However, these goods are the necessities of live, so the consumption of these good not decrease that much. Therefore, the money demand graph shifts up. Quantity theory of money Assume that the velocity of money is constant through time, m: = [In Mi+1 - In M:] - [In Yt+1 - In Yo] which says that the inflation rate approximately equals the difference between the growth rate of money supply and the growth rate of output. The figure below show that the growth rate of money supply is quite stable, so the roots cause of inflation may be the slow growth on output because prices increase for inputs used in production. BOT: Broad Money (1+2) Oct-22, 24,717,880 30,000,000 25,000,000 20,000,000 15,000,000 Dec-21, 24,061,617 10,000,000 5,000,000 Jul-15 Jul-16 Jul-19 Jul-17 Jul-18 Jul-20 Jan-16 Jul-21 Jul-22 Jan-17 Jan-19 Jan-18 Apr-15 Apr-16 Jan-20 Jan-15 Oct-20 Jan-21 Apr-21 Jan-22 Oct-15 Apr-20 Apr-17 Oct-16 Oct-19 Oct-21 Apr-22 Oct-22 Apr-18 Oct-18 Apr-19 Oct-17 Recommendation According to Ray Dalio, in short-term debt cycle, Credit allows borrowers to get money. When the money spent in the economy grows faster than the economy produces goods and services (growth rate of money supply higher than growth rate of output), prices rise, and call "inflation." In this case, Bank of Thailand just apply monetary policy that prevent people from borrowing or increases interest rates, so people borrow less, they spend less, resulting in deflation, the inflation will reach the target range of 1-3% (MPC already gradually increase policy rate since 11 Aug22). However, as mentioned in Quantity theory of money section, the roots cause of inflation is from output growth not money growth. The central government should collect taxes and invest in technology that can boost up the output growth. Like Ray Dario said, "do all that you can to raise your productivity because in the long run, that's what matters most." For example, enhance production technology to use energy more efficiently (reduce pressure from global energy price fluctuation) and enhance biosecurity practices for pig farms (African swine flu or other outbreak prevention). Thai economic are not fully recover from covid19, so increase policy rate too fast may decrease borrowing and have negative impact to economic expansion