(Reuters) – Egypt’s urban consumer price inflation accelerated to 10.5% in March, which is the highest rate in almost three years, according to data released by CAPMAS on Sunday.

Inflation was up 8.8% from February and higher than the median prediction of 10% according to a Reuters poll. This is according to 14 analysts.

Price increases in Ukraine were partly caused by shortages of commodities. This led to inflation exceeding the 5-9% target rate and the 9.25% overnight lending rates.

Analysts expect that inflation will rise even further in the coming months.

Radwa El Swaify from Pharos Securities Brokerage stated that “the rise in inflation trends has been widely anticipated” and will reach its peak by August 2022.

Sara Saada of CI Capital, however, stated that it was likely the government will increase fuel prices for this month.

Accordingly, “We expect monthly inflation will peak in April, to record annual inflation of between 12.5-13%,” she stated.

Naem Research stated that the rise was due to the higher prices of commodities and the devaluation on the currency March 21.

It stated that the inflation rate would rise in April because of the effects of the Egyptian Pound depreciation (15% versus the U.S. Dollar) which is expected to be felt in the economy.

This story corrected Pharos’ name in the fifth paragraph.