The European Central Bank will deliver a final deposit rate hike in this cycle next month, according to most economists polled by Reuters, although more than a third expect an additional increase in early 2027 as inflation hits double the 2% target. Policymakers have almost locked in the December lift to pre-empt second-round effects from elevated energy costs that are hard to break once they set in. Resilient economic growth and inflation rising to a three-year high of 4% last month, alongside risks of a further pickup, have led markets to price in at least one more rate rise after December. Most economists have yet to put it in their baseline forecasts. However, they are edging closer, warning against drawing too much comfort from a more than 20% slump in oil futures in recent weeks.