The government has various tools at its disposal to control inflation and prevent profiteering in the economy. Here are some points:

• Monetary policy: The central bank can hike interest rates to decrease spending and reduce the money supply. This will help to reduce the demand for goods and services that drives up prices. Similarly, the central bank can also lower the interest rates to stimulate spending and boost confidence among businesses and consumers.
• Fiscal policy: The government can adjust its spending and tax policy to control inflation. For example, in times of high inflation, the government can reduce spending and increase taxes, which can help to reduce demand and lower prices.
• Price controls: The government can set maximum prices on certain goods and services to prevent businesses from profiteering and taking advantage of consumers. However, this can be challenging to enforce and can lead to shortages or supply chain issues.
• Monitoring and regulation: The government can monitor the prices of goods and services and investigate companies and industries that are suspected of profiteering. Similarly, the government can regulate industries to prevent monopolies and ensure fair competition.
• Public awareness: The government can educate the public about inflation and its impacts on the economy. This can help to prevent businesses from taking advantage of consumers and can encourage consumers to be more price-sensitive and make informed purchasing decisions.

To prevent misleading inflation data, the government can ensure that its agencies collect and report data accurately and transparently. It can also establish independent bodies to oversee the collection and reporting of data to prevent any undue influence or interference. Additionally, the government can solicit the involvement of economists and other experts in reviewing and analyzing inflation data to verify its accuracy.