The RBI has already hiked interest rates 12 times, by a total of 350 basis points, since March, 2010, to tame demand and curb inflation.
The apex bank is scheduled to announce its second quarterly review of the monetary policy on October 25 and experts have said that another rate hike is expected, despite the slowdown in industrial growth.
On Wednesday, Finance Minister Pranab Mukherjee blamed high global commodity prices and supply constraints for stubbornly high inflation.
He, however, exuded confidence that inflation will moderate to around 7 per cent by March, 2012.
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