Dec 17 (Reuters) - Emerging market stocks and currencies fell on Friday, and were set for weekly losses after a spate of recent central bank meetings outlined the economic threat posed by rising inflation. MSCI"s index of emerging market (EM) stocks (.MSCIEF) fell 0.7%, while EM currencies (.MIEM00000CUS) were 0.1% weaker. The stocks" index was set to lose about 1.8% this week, while currencies were on track to shed 0.2%. Sentiment towards risk-driven assets was soured as a slew of central banks, including the U.S. Federal Reserve, outlined hawkish measures to control rising prices. Rising inflation has been a recurring trend across EMs this year, with many central banks acting swiftly to offset its potential economic and political impact. This week, Hungary, Chile and Mexico raised rates and signalled that more tightening was on the cards. Mexico delivered a bigger-than-expected 50 basis point (bps) hike that pushed the peso to a near one-month high. read more The Central Bank of Russia (CBR) was the latest bank to raise lending rates, lifting them by 100 bps to 8.5% on Friday. The bank also flagged the possibility of more rate hikes, as it moves to tame stubbornly high inflation this year. read more The rouble showed little reaction to the hike, given that the move was largely priced in by investors. "The CBR’s commitment to fight inflation and keep the tightening cycle running means the monetary and inflation outlook may not be the biggest concern for the rouble as markets view the CBR as credible on balance," Ima Sammani, FX market analyst at Monex Europe, said. Sammani noted that the prospect of Western sanctions, over Ukraine, posed a larger threat to Russia, and could prompt sharp hikes by the central bank. Turkey"s lira plunged 5% to a record low of more than 16 to the dollar, after the central bank cut rates on Thursday. The currency was by far the worst performing EM unit this week, set for a loss of 13.5%. President Tayyip Erdogan"s unorthodox monetary policy has severely damaged the lira this year, as well as Turkey"s financial credibility. Inflation blew past 20% in November. Chinese stocks ended lower as investors fretted over growing tensions between Washington and Beijing, after the U.S. government imposed investment and export restrictions on dozens of Chinese companies. read more Concerns over China"s debt-saddled property market deepened after several firms in the sector were downgraded by major credit rating agencies. China Evergrande (3333.HK), the second-largest real estate firm in the country, was officially declared in default by S&P Global after it missed a bond payment earlier this month. read more For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see