Mumbai, May 3 (IANS) India's central bank is set to present its monetary policy for this fiscal at 11 a.m. Tuesday amid ample hints of another rate hike, which would be the ninth in 15 months, to tame inflation that still remains above comfort levels.

Reserve Bank of India (RBI) Governor D. Subbarao will present the monetary policy at the apex bank's headquarters at Mint Street in midtown Mumbai before the chief executives of commercial banks.

"Persistence of inflation at elevated levels and the generalisation of inflationary pressures to manufacturing products continue to be the major policy concern," said the apex bank in its report on macro-economic and monetary developments Tuesday.

"In this scenario, while growth risks remain, persistence of high inflation warrants continuation of anti-inflationary monetary stance to sustain the growth momentum over the medium term," it said ahead of the annual monetary policy statement.

Inflation has remained stubbornly above comfort levels, even after the central bank hiked rates eight times in the past 15 months. Latest data showed that food inflation rose for the second consecutive week to 8.76 percent for the week ended April 16.