PRAGUE/WARSAW, Dec 8 (Reuters) - The zloty fell from a five-week high on Wednesday after the Polish central bank"s interest rate hike fell short of what many market players were expecting. Central banks around the region have hiked rates in recent months to battle surging price growth fuelled by both external and domestic factors. Tighter policy, meanwhile, is adding support for currencies. read more Poland"s central bank on Wednesday raised its main interest rate to 1.75% from 1.25%, delivering a 50 basis point hike in line with analysts" estimates but short of a heftier move than what many had priced in. read more "The market was discounting around 75 bps, so it"s a bit of a disappointing decision from the market"s perspective," a Warsaw-based currency trader said, adding profit-taking and stop-losses followed the decision. The zloty traded 0.7% lower on Wednesday at 4.615 to the euro in late trade at 1640 GMT, extending earlier losses. With tighter monetary policy in the region, currencies are set to gain in the next year, according to Reuters polls, although a stronger U.S. dollar and political risks like Warsaw and Budapest"s disputes with the European Union over rule of law and other issues can prove to be a drag. In Hungary, inflation data showed the headline rate spiking almost a full percentage point to 7.4% in November. The forint , after languishing with other currencies in the region before the Polish rate decision, rose 0.3% to 366.0 per euro. Czech inflation data was due Friday and also expected to show a jump after rising to 5.8% in October, the highest rate since 2008. The crown dipped 0.1% to 25.48 to the euro on Wednesday.