Delicate dance for BOT. The inflation spike is not due to demand and wage increase but surge in energy costs. Raising rate will be disastrous for most Thais with debts. It will snowball to massive bad loan situation which will badly affect financial institutions. It will also create a drop in demand for housing, cars, household appliances etc and certainly can lead to a recession. IMO the energy price surge is shock reaction to Russia oil & gas sanctions. The west will rally and probably find other sources of oil supply and sanctions against Iran and Venezuela likely lifted. I think targeted fiscal policies rather than rate hike will be better to deal with the current economic situation.
Reversely the interest rate differential with US is causing massive outflow of capital from Thailand to US and causing the Baht to weakened and caused imported inflation. However the return of tourists back to Thailand will creat a demand for Baht. The economy is also improving and likely return to a current surplus which will strengthened the Baht.
A delicate position for BOT to ponder.