* Urban consumer inflation jumps to 9.2 pct

* Core inflation drops to 5.55 pct

* Inflation driven by food prices

(Adds background, analyst comment, research note)

By Eric Knecht

CAIRO, Oct 8 (Reuters) - Egypt's urban consumer inflation jumped for the first time in four months as food prices rose, although the country's core inflation declined.

Egypt's annual urban consumer inflation increased to 9.2 percent in September from 7.9 percent in August, the official statistics agency, CAPMAS, said on Thursday.

"The jump in Egyptian inflation to 9.2 percent year-on-year in September was driven almost entirely by a rise in the volatile food component," said a Capital Economics research note.

Core annual inflation, which excludes items such as fruit and vegetables whose prices fluctuate widely, dropped to 5.55 percent in September, down from 5.61 percent in August, the central bank said on Thursday.

Global commodity prices remain low, but Egypt's foreign currency shortage has made importing more costly for those struggling to get hard currency, said chairman of business and economic forecasting think-tank Signet Angus Blair.

"There are some importers who might want to increase prices for imported food," said Blair.

The latest inflation numbers end a three-month streak of slowing inflation that some analysts said would allow Egypt's central bank to cut key interest rates to stimulate growth.

"While we had expected that the sharp falls in inflation since July would prompt the CBE to cut interest rates at its meeting later this month, today's data mean that this is now looking less likely," said the Capital Economics research note.

The central bank has held rates steady at its past five monetary policy meetings after surprising analysts with a 50 basis point cut in January.

(Editing by Larry King) ((Eric.Knecht@thomsonreuters.com; +20 2 23948181; Reuters Messaging: eric.knecht@thomsonreuters.com@reuters.net))