New Delhi : Reserve Bank of India Governor Raghuram Rajan is widely expected to hike repo rate by 0.25 per cent to 7.75 per cent, to fight inflation even as the central bank continues to unwind its rupee defense steps. This means that consumer loan rates are not likely to come down any time soon; in fact, they may go up. The RBI on Monday said it expects inflation to remain near current elevated levels for the remainder of the fiscal year that ends in March, a day before it is forecast to raise its policy interest rate for the second consecutive review. “High food and fuel inflation will impact prices of other commodities, services,” the central bank said in its quarterly macroeconomic review. The RBI also cut growth forecast for the current fiscal to 4.8 per cent from 5.7 per cent earlier. In its report, the RBI said it expects a “modest improvement” in growth in the second half of the fiscal year.