LONDON, Nov 22 Reuters The European Central Bank will press on with policy tightening, adding 50 basis points to its deposit rate next month as it worries rapid price growth is becoming entrenched, despite the bloc almost certainly entering recession, a Reuters poll found.

Inflation in the region has soared due to surging energy prices following Russia39;s invasion of Ukraine and disrupted supply chains, reaching 10.6 last month more than five times the ECB39;s 2.0 target.

Initially saying rising inflation was transitory, the central bank didn39;t start raising interest rates until July, later than most of its major peers, but has since raised its key rates by 200 bps.

It will lift its deposit rate by another 50 bps on Dec. 15, taking it to 2.00, and do the same to the refinancing rate, putting it at 2.50, according to the median forecasts in the Nov. 1521 Reuters poll.

That deposit rate view was held by a majority of 45 of 62 respondents, while 14 said it would add another 75 bps as it has done at its previous two meetings. Only three said it would opt for a modest 25bp increase.

The ECB will raise interest rates again to fight inflation but those increases may well be smaller than recent ones, the bank39;s chief economist, Philip Lane, said on Monday, echoing comments from other policymakers in recent days.

December39;s move will be followed by another 50bp increase next quarter, giving peaks in the current cycle of 2.50 and 3.00 for the deposit and refinancing…