Raising the ceiling joists will probably just lift them off the top plates without lifting the studs under them, not least because the top plates are carrying the roof load which should be heavier than the ceiling joists and lining. You need to lift the top plate, which can be done by jacking up the studs under the top plate as others have suggested.
I've done this occasionally and have found that the easiest way to do it is to nail about 900mm long cleat of same dimensions as rotted studs to one side of each stud with nails that fully penetrate cleat and existing stud, then jack under the cleat. When it reaches desired height you can 'sister' a cleat on the other side bearing on the bottom plate . The sister should be 900mm+ above bottom of old stud. You can nail, nail and glue, or bolt and nut the sister to the old stud. Make sure nails or bolts are staggered along grain on old stud so you don't create a split line. If you want 'belt and braces' security, you can put a sister on both sides of the old stud.
I might have misunderstood what you're trying to achieve, but is it really worth doing all of this if the studs have dropped only 5mm? Why not just install a bottom plate that's 5mm thicker and force the stud ends onto it?