* ECB clears way for interest rate hikes this year
* Fed, BOE eye rate hikes with growth above trend
* BOJ remains an outlier, seen keeping policy ultra-loose
* Asia's outlook more muddled with recovery patchy (Adds ECB policymakers, euro angle)
By Howard Schneider, Balazs Koranyi and Leika Kihara
March 11 (Reuters) - The Russian attack on Ukraine may slow global growth and raise new economic risks, but top central banks are keeping their focus trained on an inflation fight that looks set to intensify as prices soar across the board, from fuel to food.
While Europe may be the most vulnerable to a broader economic shock from the war, the European Central Bank made clear on Thursday the region could not turn its back on surging inflation in the euro zone.
Calling the war a "watershed moment" that could curb growth but boost inflation, the ECB agreed to stop pumping money into markets this summer - clearing the way for possible interest rate increases later this year, its first increase in over a decade.
"You can slice inflation any way you want and look at any core measure, it's above target and rising. We have a 2% mandate and we're failing it," said one ECB policymaker, who asked not to be named.
A similar narrative was emerging in other Western countries, including the United States, as officials weigh the potential damage on their economies from the war against the persistent rise in inflation.
Growth is expected to remain above trend in major economies, allowing them to focus on inflation running far faster than their common 2% percent benchmark.
The Bank of Canada raised interest rates earlier this month.
The Bank of England and the Federal Reserve are expected to do so next week. Each is expected to follow with more increases in coming months.
Even fiscal policy officials - more sensitive to the politics of economic developments and often cheerleaders of looser central bank policies - are keenly aware of the corrosive power of run-away price increases.
Inflation "is of tremendous concern," Treasury Secretary Janet Yellen said on Thursday. "It hits Americans hard. It makes them worry about basic pocketbook issues."
With U.S. consumer inflation hitting a 40-year high, investors now expect the Fed to raise the target federal funds rate to a level between 1.75% and 2% by year's end, a quarter point higher than they expected as of last week.
The ECB is actually a latecomer to tightening and will have to pay an price for this. The euro has weakened sharply in recent weeks on expectations the ECB would drag its feet in cutting stimulus and that will raise inflation further through higher import prices.