By Asma Alsharif

CAIRO, June 9 (Reuters) - Egypt's urban consumer inflation jumped for a second month in May, the statistics agency said on Thursday, adding pressure on the central bank to hike interest rates at its monetary policy meeting on June 16.

Annual urban consumer price inflation jumped to 12.3 percent in May from 10.3 percent in April, the official statistics agency CAPMAS said on Thursday.

Food prices normally spike during the Muslim holy month of Ramadan because of heavy consumption following the dawn to dusk fasting period. Ramadan started on June 6.

Egypt's core inflation, which excludes items such as fruit and vegetables as their prices fluctuate widely, also jumped to 12.23 percent year on year in May, up from 9.51 percent in April, the central bank said on Thursday.

Egypt has been struggling since a 2011 uprising drove away tourists and foreign investors, putting pressure on foreign reserves which halved to $17.5 billion in May.

The central bank devalued the pound in March by around 13 percent, and then hiked interest rates a few days later by 150 basis points at its MPC meeting on March 17 to curb inflationary pressures. It is due to meet again on June 16.

"Food prices had increased significantly in May, in the lead up to Ramadan when consumption increases," said Reham El Desoki, economist at Arqaam Securities.

President Abdel Fattah al-Sisi is under increasing pressure to revive the economy and keep prices under control to avoid any backlash from the public whose rallying cries in the 2011 revolution included "bread, freedom and social justice".

The government said late last year it would control the prices of 10 essential commodities to help restrain inflation with the country short of foreign hard currency. Price movement subsequently eased but surged back again after the pound was devalued in March.

Army trucks have distributed cheap food and Sisi has promised to protect the poorest in a society where tens of millions rely on subsidies.

Some analysts expect the central bank to hike rates on Thursday to control growing inflationary pressures.

"We expect annual headline inflation will remain high in the coming months, possibly registering 14-15 percent in the remainder of the year," El Desoki said, forecasting an interest rate hike of 50 basis points on Thursday.

At its last MPC meeting on April 28, the central bank kept benchmark interest rates unchanged, balancing inflationary pressures with the need to stimulate the economy.

(Reporting by Asma Alsharif; Editing by Richard Balmforth) ((asma.alsharif@thomsonreuters.com; +20225783290; Reuters Messaging: asma.alsharif.reuters.com@reuters.net))