Hungary"s annual headline inflation is expected to have peaked above 7% in November and the central bank will continue hiking its interest rates this month to curb inflation, Deputy Governor Barnabas Virag told daily newspaper Vilaggazdasag. Virag also said in an interview published on Tuesday that core inflation would continue to rise at least until mid-2022 while "inflation pressure in general is expected to ease from the second half of 2022." Hungary"s central bank raised its one-week deposit rate by 20 basis points to 3.1% at a weekly tender last Thursday, two days after it raised its collateralised loan rate by 105 basis points to 4.1% and the overnight deposit rate (HUODPO=ECI) by 45 basis points to 1.6%, widening its interest rate corridor. The bank was the first in the European Union to start interest rate hikes in June to curb rising inflation, and accelerated its tightening spree in response to higher-than-expected inflation and short-term market risks last month. Its next rate-setting meeting is due on Dec. 14 while November inflation data are due on Wednesday. "It is obvious that the base rate hike cycle continues," Virag said, when asked about next week"s meeting. He said the size of the base rate increase will define at least by how much the bank needs to hike its one-week deposit rate in the coming weeks. The bank raised its main base rate by 30 basis points to 2.1% in November, but then hiked its one-week deposit rate in several steps at its weekly tenders to 3.1%, which helped support the forint. The next deposit tender is on Thursday. "We will beat inflation no matter how long it will take," Virag said. "On this road, we will frontload as many steps by moving the one-week deposit rate as necessary. "When this turbulent period is over, the level of the base rate and the one-week deposit rate will meet again." Virag said the central bank will not hike its rates every week but when needed "will act with sufficient force."