Egypt's inflation jumped to 35.7% in February

According to data out Sunday, from the statistics agency CAPMAS, Egypt's annual urban consumer price inflation jumped to 35.7% in February from 29.8% in January, driven mainly by a rise in food and beverage prices. Reuters reported that the increase in inflation comes even before a surge that is expected to result from last week's devaluation of the currency. The central bank on Wednesday allowed the Egyptian pound to fall to about 50 to the dollar from 30.85, where it had been fixed for the past 12 months. Stocks however rallied Monday.