Mumbai: Conflicting macroeconomic data on inflation and factory output have made the analysts and economists a divided house on the direction the Reserve Bank will take on Friday at its mid-quarter policy review. "There are different data pointing at different actions that the RBI can take," ratings agency Fitch''s Associate Director D K Pant said. The Reserve Bank has increased its key policy rates a 11 times since March 2010, to tame the uncomfortably high inflation. The last of the hikes was a higher-than-expected 50 basis points hike on July 26. Headline inflation for July stood at 9.22 percent, much above the central bank's comfort level. On other hand, the July IIP data released yesterday showed a steep decline in factory output, which plunged to a two-year low to 3.3 percent. Crisil Chief Economist D K Joshi said in spite of the poor IIP numbers, he expects RBI to spike key rates by 25 bps on Friday. "We are towards the end of the rate hike cycle, but I feel there will be a 25 bps hike...this could be the last one," he said. However, investment bank Goldman Sachs said it expects the central bank to pause rate hikes. It said in a note, "We think the reasons to pause outweigh the reasons to hike," as domestic demand has been weakening significantly due to the repeated hikes which has been reflected in the IIP data, while inflation has come off sequentially, even though it looks high on an annual basis. When asked about his expectations from the policy, Pant said all depends on the August inflation data due tomorrow. "Apart from the overall number, RBI will closely see the data on manufacturing inflation and non-food manufactured inflation specifically," he said, adding that if the data points to a grim situation, RBI will hike rates one more time.