(Adds details from presentation, background) PRAGUE, Sept 17 (Reuters) - The debate inside the Czech central bank is about how quickly and to what level interest rates should rise, Vice-Governor Tomas Nidetzky said on Friday, rather than if high inflation is a blip. “So far the (European Central Bank) isn’t planning to react much to high inflation, as it expects it to return to the target itself,” Nidetzky said in comments published on the bank’s website. “The Czech situation is different: we don’t need reasons to start tightening. We are now thinking more about how fast we should raise rates and to which level,” he said in the comment, posted along with a presentation he gave at an American Chamber of Commerce roundtable. Markets are pricing in chances the Czech National Bank could accelerate a tightening cycle that started in June by opting for a heftier 50 basis point rate increase when it meets at the end of September. The bank delivered two 25 basis point hikes in June and August as it became one of the first in the European Union to begin tightening policy to battle rising inflation. In Nidetzky’s presentation, he said policy tightening was needed, with a tight labour market implying growing wages and higher headline inflation becoming entrenched in expectations. Inflation in August jumped to above 4% for the first time since 2008 and is well above the 1 percentage point tolerance band around the bank’s 2% target. The majority of the central bank’s seven-member board has supported rate hikes, although in votes since June two members have backed no change and one has supported an above-standard 50 basis point increase. Vojtech Benda, the sole vote for a heftier hike, told Czech Radio this week he stood by his stance. On Thursday, Vice-Governor Marek Mora said, in an interview published by Bloomberg agency, that odds were closer to a 50 basis point move. Governor Jiri Rusnok was quoted by daily Lidove Noviny in a Sept. 3 interview as saying a stronger-than-usual hike could come if bank forecasts or other information showed it was warranted. (Reporting by Jason Hovet; Editing by Jon Boyle and Angus MacSwan)