Peru’s reported 4.55% inflation rate in September 2026 refers to consumer prices in Metropolitan Lima over the 12 months from October 2025 through September 2026. It is not the increase for September alone: Lima prices rose 0.12% that month. INEI chief Gaspar Morán Flores identified higher transport costs—including vehicle fuels and taxi fares—as a principal upward pressure on the monthly result, amid a rise in the international petroleum quotation.
What does the 4.55% figure measure?
The 4.55% figure is the year-over-year change in the Lima Metropolitan Consumer Price Index (CPI), comparing September 2026 with September 2025. Agencia Andina and Bloomberg Línea reported it as an INEI figure; Bloomberg Línea also reported that Lima’s year-over-year rate was 4.44% in August 2026. Agencia Andina Bloomberg Línea
Keep the measurement period attached to each number. INEI’s September resolution, published in El Peruano, reports a 0.12% monthly rise and a 4.28% cumulative increase for Lima from January through September. For the national CPI, it reports a 0.14% monthly rise and a 4.02% year-to-date increase. These monthly, year-to-date, and 12-month rates describe different periods, so they are not interchangeable. INEI Resolution Jefatural No. 209-2026-INEI
| Measure | September 2026 change | Geography and period |
|---|---|---|
| Year over year | 4.55% | Metropolitan Lima, October 2025–September 2026; reported by Andina and Bloomberg Línea as an INEI figure |
| Monthly | 0.12% | Metropolitan Lima, September 2026; INEI resolution |
| January–September cumulative | 4.28% | Metropolitan Lima, January through September 2026; INEI resolution |
| Monthly | 0.14% | National CPI, September 2026; INEI resolution |
| January–September cumulative | 4.02% | National CPI, January through September 2026; INEI resolution |
Why did transport and energy costs push prices up?
Morán attributed the September movement principally to price increases in consumer divisions including transport. Andina’s account of his explanation says higher vehicle-fuel prices and taxi fares reflected a higher international petroleum quotation. The monthly transport category rose 0.26%. These figures describe September’s category movement; they do not show how many percentage points transport added to the 4.55% year-over-year rate.
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Fuel prices did not all move in the same direction. INEI figures reported by Andina show the following changes for September:
| Fuel | Monthly change |
|---|---|
| Vehicle fuels overall | Up 5.2% |
| Gasohol | Up 5.8% |
| Diesel | Up 3.9% |
| GNV (natural gas for vehicles) | Up 0.2% |
| Vehicular LPG | Down 1.1% |
The reported 5.2% increase applies to vehicle fuels for the month, not to overall inflation. In particular, it should not be read as a 5.2-percentage-point contribution to the CPI.
What moderated the increase, and how broad was it?
Transport was an important reported source of upward pressure, but it was not the only movement in the basket. Andina reported that food-price declines and lower domestic airfares helped moderate the monthly change. The underlying Lima measure, which excludes food and energy, rose 0.07% in September. That is a separate measure from headline CPI.
Price changes were mixed across individual items: 308 of the 586 products in the CPI basket rose in September, 133 fell, and 145 were unchanged, according to INEI figures reported by Andina. The counts show how many items moved in each direction; they do not indicate the size of each price change or its weight in the index.
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How INEI defines and publishes the CPI
INEI’s resolution approves the September 2026 national and Lima Metropolitan CPI on a December 2021=100 base. The national CPI methodology was approved by a special commission with representatives from Peru’s central bank (BCRP), the Ministry of Economy and Finance (MEF), and INEI. Under the publication process described in the resolution, the monthly national and Lima CPI changes are issued on the first working day of the following month. INEI Resolution Jefatural No. 209-2026-INEI
Quick Recap
- For a monthly price change: use the September monthly figure—0.12% for Lima or 0.14% nationally.
- For change since the start of 2026: use the January–September cumulative figure—4.28% for Lima or 4.02% nationally.
- For the 12 months ending in September: the reported Lima year-over-year rate is 4.55%; do not label it the national annual rate.
- For underlying inflation: distinguish the measure excluding food and energy from headline CPI.
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