Egypt's urban inflation jumps to 28.1 percent in January

Egypt's annualised urban consumer price inflation jumped to 28.1 percent in January from 23.3 percent in December, the official CAPMAS statistics agency said on Saturday, its highest level since central bank records began in 2005. Prices have soared since Egypt abandoned its currency peg to the U.S. dollar on November 3, the pound has roughly halved and urban consumer price inflation has doubled from 13.6 percent in October. Food and beverage prices in January rose 37.2 percent in urban areas, the CAPMAS data showed.