Currency devaluation also affects inflation. What could be some steps that can be taken by the government to control inflation?

Traditional methods include taxation, interest rate regulation and price controls

Paraclete has brought out the three things the US Federal Government and other countries love to use. Price controls have, for the most part, been a failure. According to the Congressional Budget Office, they have never worked more than temporarily. In part that is because they have seldom been accompanied by tighter monetary and fiscal policies, which would get at the root causes of inflation. With taxation, you raise the cost and therefore, isn't that an inflationary measure? If, it costs more, I need more money to cover that expense and so forth. However, interest rate increases, if applied slowly and properly are probably one of the better ways to curb inflation. However, all you need to do is look at the Jimmy Carter years. Suffice it to say, the Carter years were very bad for our nation. 16 percent inflation, 22 percent interest rates, and 70 percent marginal tax rates did little to endear Jimmy to the American people. It's hard to get a handle of the best ways to control inflation when gutless politicians refuse to do anything about the national debt or balance of payments.
Of course, this is nothing new. Ever heard of the Roman Empire. Mightiest Army and largest conquered land the world has ever known. Diocletian Edict of 301AD "Therefore, we have decreed that there be established a maximum so that when the violence of high prices appears anywhere, avarice might be checked by the limits of our statute. To ensure adequate enforcement, anyone who shall violate this statute shall be subject to a capital penalty(DEATH). The same penalty shall apply to one who in the desire to buy shall have conspired against the statute with the greed of the seller. Also subject to the death penalty is he who believes he must withdraw his goods from the general market because of this regulation." 100 years later, Rome was on the verge of collapse. "Sic fiat Rome".