Inflation in Egypt shot to a five-and-a-half-year high in February, according to data released by statistics agency Capmas on Thursday.

The annual urban consumer inflation rate in February leapt to 31.9 percent from 25.8 percent in January.

It comes in the wake of a series of currency devaluations since March 2022. The value of the Egyptian pound has since collapsed by 50 percent.

Inflation is the highest since August 2017 - nine months after a steep devaluation - when it reached 31.92 percent.