Central Banks across the region are turning increasingly hawkish in response to rising inflationary pressures and turmoil in global financial markets. We expect interest rates to be hiked in Poland, Romania and Hungary this month. Meanwhile, Turkish rates could remain on hold following a sharp drop in the lira over the past couple of weeks. Finally, while Czech rates are likely to remain on hold this month, we believe both the consensus and the markets are underestimating the need for further tightening.