India's central bank is warning that the country's high inflation rate is likely to slow economic growth.

High food prices and hikes in fuel costs have hiked India's inflation rate to more than 9 percent.

The assessment came Thursday in the Reserve Bank of India's annual report, which predicted inflation will remain high for some months.

The RBI also noted that global uncertainties have increased since Standard and Poor's recently cut the U.S. credit rating. It said any further slowdown in global economic growth could also affect India's growth rate, estimated at 8 percent.

India's central bank has increased interest rates 11 times since March of 2010 in an effort to curb rising inflation.