Minister of Finance, Amr El-Garhy, said he expects surging inflation to peak by 1Q17, as the price shocks that followed decisions to raise fuel prices and abandon currency controls fade. El-Garghy, speaking after data showed annual consumer prices had soared to 28% in January, said policy makers had expected prices to jump after the pound was floated in November. “It is all resulting from supply shocks rather than demand driven kind of inflation,” he said on Sunday. “We knew that this is still peaking when it comes to inflation, we expect this to happen.” (Bloomberg)