India has increased interest rates for the 12th time in less than two years in order to curb the country’s rising inflation.

The Reserve Bank of India on Friday raised the rate from 8 percent to 8.25 percent.

Analysts say the interest rate hikes have done little to slow the country’s nearly 10 percent inflation, driven by the high cost of food and fuel. They say the increases have instead slowed economic growth.

The interest rate increase comes a day after oil companies raised the price of gasoline by 5 percent to compensate for the higher cost of buying crude oil. India imports most of its crude oil.