Let’s say I’m king of Countrytopia. My country is experiencing an unprecedented level of stagflation. What likely caused it, and what can I do to fix it?

From my basic memory of high school economics, higher unemployment typically leads to lower inflation and vice versa. However, sometimes countries experience an increase in both. Why? And if a country is experiencing both, how do you try to fix one without making the other worse? For example, if I simply adjust interest rates, won't this just make one of my problems significantly worse? Additionally, in past historical events where stagflation occurred, what have we learned doesn't work?