BNP Paribas and Citi Research meanwhile, expect a 25 basis point hike in March and May, respectively.
(Read more: Is Malaysia's property market headed for a Dubai-style crash?)
But OCBC's Wiranto dismisses claims of inflationary pressure, pointing out that the central bank itself downplayed the issue.
"Our sense is that Bank Negara is still fairly relaxed about the recent uptick in prices. This is particularly so, when we notice how it appears to judge that low global commodity prices and relatively subdued domestic demand will act as worthy counterbalances to any second round-effect of recent domestic price increases," Wiranto said.
To boot, Bank Negara said in its monetary policy statement that subdued external price pressures and moderate domestic demand conditions will help to contain underlying inflation.
(Read more: Chance of default for Malaysia minimal: Prime Minister)
"We have been highlighting the fact that Bank Negara is one central bank which has traditionally stressed the importance of not reacting robotically to inflation uptick, but rather to identify the true nature of inflation before acting. Today's statement suggests that it is still of the view that the inflation is not of the demand-led kind, but of a largely cost-push one that do not require blind hikes," Wiranto concluded.
— By CNBC.com's Nyshka Chandran. Follow her on Twitter
—Correction: An earlier version of the story incorrectly stated that BNP and Citi expect a 25 basis point cut in March and May. It should, in fact, be a rate hike.