UPDATE 1-Egypt's urban inflation jumps to 14.4 pct in Feb from 12.7 pct in Jan

Egypt's annual urban consumer price inflation increased to 14.4 percent in February from 12.7 percent in January, the official statistics agency CAPMAS said on Sunday.

Inflation had cooled to 12 percent in December after an increase in fuel, electricity and transportation prices last year had sent the rate up to a high of 17.7 percent in October. Egypt has implemented a series of tough austerity measures to help meet the terms of a $12 billion IMF loan programme it signed in late 2016.

The central bank, which is targeting inflation of 13 percent plus or minus 3 percentage points, made a surprise cut to its overnight interest rates last month. It cited a strong drop in inflation and an improvement in other macroeconomic indicators. The bank's monetary policy committee will meet on March 28 to decide on interest rates. (Reporting by Yousef Saba; editing by Christian Schmollinger)