Banking and monetary regulator, Reserve Bank of India is expected to give yet another pitch to policy rates today in the review meeting of monetary policy today. This being the 12th rise in policy rates that the regulator has announced since March 2010, efforts to control towering inflation thus continue to be in action.

With inflation figures for August touching the highest in 13 months to 9.78% as compared to RBI's target of 5.0%, another shoot up of policy rates seems to be an inevitable act.

"It appears premature for the RBI to step off the gas at this stage," Shubhada Rao, chief economist at private sector Yes Bank, said.

"With this backdrop, the RBI should still consider inflation a dominant concern and notch up rates by 25 basis points (on Friday)," said HSBC India chief economist Leif Lybecker Eskesen.

It is expected by the apex bank that inflation figures can be brought down to atleast 7% by March 2012.