The European Central Bank needs to keep raising interest rates because underlying price growth is sticky and risks to the inflation outlook are skewed towards higher readings, ECB policymaker Peter Kazimir said on Friday.

The ECB raised interest rates by 50 basis points on Thursday and projected inflation above its target through 2025, but gave no guidance on any further policy moves as recent financial market turbulence warrants caution and a data-dependent approach.

"Even the current events on the financial markets do not change my view that we need to continue," Kazimir, who is governor of the Slovak central bank, said in a blog post. "I am very well aware of the delicacy of the situation ... but we are not yet at the finish line."

Kazimir, however, did not make the case for a hike as soon as the next meeting and said it was useless to speculate about the May 4 meeting.

The ECB did not provide its usual risk assessment on inflation but Kazimir said that upside risk dominate and underlying inflation is "stubbornly sticky".

Core inflation, which excludes volatile food and fuel prices, accelerated to 5.6% last month from 5.3%, indicating that past energy prices rises have seeped into the broader economy and inflation was at risk of becoming durable.

"There are risks to inflation on both sides, but in my view, upward risks are much greater."

Still, Kazimir argued that monetary policy is working and the 350 basis points of ECB rate hikes since last July are starting to bear fruit. (Reporting by Balazs Koranyi; Editing by Toby Chopra)