Egypt's annual inflation rate jumped to 29.6 percent in January up from 24.3 percent in December, according to the Central Agency for Public Mobilization and Statistics (CAPMAS). 

The annualized urban consumer price inflation jumped to 28.1 percent in January from 23.3 percent in December, its highest level since Central Bank of Egypt (CBE) records began in 2005, CAPMAS said on Saturday.

Prices have soared since Egypt abandoned its currency peg to the US 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.