However, as the supply-side scenario improves, the inflationary pressures are likely to ease in the longer-term, National Council of Applied Economic Research (NCAER) said in its macrotrack monthly report.
"The inflationary pressure is more intense on primary articles and indicates the potential for easing of the pressure as the supply scenario improves," it said.
In the longer-term, the country's policy makers will have to address the twin concerns of demand pressure and subsequent high rate of inflation, NCAER said.
Reflecting an unprecedentedly high global crude and commodity prices, India's inflation touched a 13-year high of 11.42 per cent this week, drawing instant monetary, fiscal actions from its policy makers.
While the government imposed trade restrictions to tame the inflationary pressures, the central bank announced a series of hikes in its key-rates.
The slow-down in growth on account of the adverse global factors may be offset by the expansionary fiscal policy, the report said, however, adding," the latest turbulance in the crude oil market is an important factor that needs to be watched as the year progresses".
