Decreasing the rate of inflation of course is the entire point of higher interest rates, not specifically crippling high price discretionary retail, which makes up a small part of the basket of goods and services that determine the inflation rate.
High interest rates actually currently pushing up prices of core essential items in the basket unfortunately, as the increased cost of capital is being passed through to consumers/businesses in the form of higher prices for many goods and services that are provided by entities with high debt loads.