The US Federal Reserve has offered no letup in its fight against inflation, raising its benchmark short-term interest rate another quarter-point for the 12th consecutive time while stating that more hikes are coming.

The central bank’s boost in its federal funds rate to 4 per cent, the highest since June 2001 and up from 1 per cent in June 2004, continued the debate about whether the Fed might be overestimating inflation threats and raising rates too much, risking a possible economic slowdown. Some experts contend that the Fed should stop soon, noting that energy prices have been falling and inflation outside of energy has been relatively tame.

But the Fed on Tuesday signaled that it would have none of that time-to-quit talk, clearly suggesting that rising prices remain Enemy No. 1.

Although inflation outside of energy and food ‘‘has been relatively low in recent months and longer-term inflation expectations remain contained,’’ the Fed said, ‘‘the cumulative rise in energy and other costs have the potential to add to inflation pressures.’’

Thus, the central bank reiterated that it would continue to tighten credit at a ‘‘measured’’ pace — Fed-speak for more quarter-point rate hikes.

The Fed also showed confidence in the economy’s ability to rebound from Hurricanes Katrina and Rita. ‘‘Elevated energy prices and hurricane-related disruptions in economic activity have temporarily depressed output and employment,’’ the Fed said.

But relatively low interest rates and robust productivity growth are ‘‘providing ongoing support to economic activity that will likely be augmented by planned rebuilding in the hurricane-affected areas,’’ the central bank said.

The Fed ‘‘offered not so much as a hint of a hint (Tuesday) that the end is in sight for the tightening program,’’ said Ian Shepherdson, chief US economist for High Frequency Economics in Valhalla, New York.

If anything, he said, the Fed suggested that it would continue to raise rates even if economic growth slowed in the current October-to-December quarter.

The Fed also signaled that recent energy price declines would not give it ‘‘an excuse to stop raising rates,’’ he said.

Tuesday’s decision by the Fed was unanimous, unlike the last increase Sept. 20, when Fed Governor Mark W. Olson dissented on grounds that the central bank should take more time to assess Hurricane Katrina’s effects.

Stock investors, who have been hoping for any signal from the Fed that it may soon halt raising rates, were subdued in their reaction.