MUMBAI, India (AP) — India's central bank raised key interest rates for the sixth time this year yesterday to contain persistently high inflation — another sign of the gulf between fast growing emerging Asian economies and tepid growth in the developed world.

The Reserve Bank of India's quarter point hike in key rates was expected and bank officials said that barring unforeseen shocks, there would be no further hikes for at least three months.

"Unless there is some unforeseen development, we will refrain from action," Governor D. Subbarao said.

The Reserve Bank hiked the repo rate — the central bank's short term bank lending rate — to 6.25 percent. It raised the reverse repo rate — which the central bank pays on deposits — to 5.25 percent. It left the cash reserve ratio unchanged at 6.0 percent.

At 11.6 percent, India's consumer price inflation is higher than any other major economy. Since the end of the financial crisis, India, Australia and Brazil have emerged as the most aggressive monetary policy tighteners among major economies, according to Reserve Bank data.

Australia's central bank also jacked up its key interest rate in a surprise move yesterday similarly aimed at warding off inflation. China began hiking rates in October.

Moody's economist Matt Robinson said the moves underscore "the widening gap between Asia's buoyant economic situation and that faced by its North American and European counterparts".

Indian policy makers are caught between strong growth at home and a fragile global economy, and the Reserve Bank said it would take steps to mitigate "lumpy and volatile" capital flows as necessary.

Ultra-loose monetary policy in the developed world has sent a flood of foreign money into emerging Asia as investors seek havens of high-growth. That has pushed stock markets, dealmaking and currencies to dizzying highs, hurting exports and creating fears of frothy equities, real estate and gold markets.

In raising rates, India has broken ranks with Thailand, South Korea, Indonesia and the Philippines, which have put rates on hold, worried that further hikes would attract even more foreign capital.

Unlike most emerging Asian economies, India is a net importer and needs to finance its widening current account deficit, making it more tolerant of large foreign capital flows than its neighbors.

Subbarao said capital flows are at roughly the same level as India's current account deficit — unlike in 2007 when foreign fund flows surged to about 9 percent of GDP, while the capital account deficit was just 1.8 percent of GDP, prompting intervention.

Subbarao declined to comment on whether the bank has joined other emerging Asian nations and intervened to push down the value of the rupee.