Peru’s Lima Metropolitan consumer prices were 4.55% higher in the 12 months through September 2026, up from 4.44% in August, according to September data attributed to the national statistics agency, INEI. That is a year-over-year rate—not the increase during September alone. Lima prices rose 0.12% that month. Higher transport costs, including vehicle fuels and taxi fares, were a principal reported source of upward pressure.
What does the 4.55% figure measure?
The 4.55% figure is Lima Metropolitan inflation over the 12 months from October 2025 through September 2026. Agencia Andina and Bloomberg Línea reported it as an INEI figure; Bloomberg Línea reported the comparable August rate as 4.44%. The figure describes how the consumer price index changed over a year, not how much prices rose in September alone.
INEI’s September resolution, published in El Peruano, gives the monthly and January–September cumulative changes. These are separate measures with different time windows:
| Measure | September 2026 change | What it covers |
|---|---|---|
| Lima Metropolitan CPI | 0.12% monthly; 4.28% cumulative | Monthly change in September; cumulative change from January through September |
| National CPI | 0.14% monthly; 4.02% cumulative | Monthly change in September; cumulative change from January through September |
| Lima Metropolitan CPI | 4.55% year over year | 12 months through September 2026; reported as an INEI figure by Andina and Bloomberg Línea |
The 4.28% Lima cumulative figure and 4.55% year-over-year figure are not conflicting estimates: one starts in January 2026, while the other includes the 12 months ending in September. The national year-over-year rate was reported as 4.17%, distinct from the national January–September cumulative rate of 4.02%.
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Why did inflation rise in September?
INEI chief Gaspar Morán Flores attributed the month’s upward pressure principally to transport. Andina reported his explanation that vehicle fuels and taxi fares increased amid a higher international petroleum quotation, while domestic airfares fell. This describes factors supporting the monthly movement; it is not a full breakdown of what caused the 12-month 4.55% rate.
Transport prices rose 0.26% in September, and vehicle fuels rose 5.2%, according to figures reported by Andina. Those are monthly component changes, not percentage-point contributions to overall inflation.
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Fuel prices did not all move in the same direction
| Fuel | September monthly change |
|---|---|
| Vehicle fuels overall | 5.2% increase |
| Gasohol | 5.8% increase |
| Diesel | 3.9% increase |
| GNV | 0.2% increase |
| Vehicular LPG | 1.1% decrease |
The different directions matter: “energy costs” should not be read to mean every fuel became more expensive.
What else affected the monthly price picture?
Price changes were mixed across the CPI basket. Andina reported that 308 of the 586 products rose in September, 133 fell, and 145 were unchanged. Food price decreases and lower domestic airfares moderated the monthly movement, while the underlying Lima measure excluding food and energy rose 0.07%.
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These details help explain why one prominent increase—fuel, for example—does not describe the whole index. CPI tracks a basket of consumer goods and services, and its headline change reflects movements across that basket.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to compare Peru inflation figures correctly
- Check the geography: Lima Metropolitan CPI is not the same measure as national CPI.
- Check the time period: a monthly change, a January-to-date cumulative change, and a 12-month rate answer different questions.
- Check the measure: headline CPI includes food and energy; the underlying figure cited here excludes them.
- Keep component changes in context: fuel’s monthly percentage increase is not its percentage-point contribution to the headline rate.
INEI’s Resolution Jefatural No. 209-2026-INEI approved the September national and Lima Metropolitan CPI on a December 2021=100 base. Its publication describes the national measure’s methodology as approved by a special commission with representatives from the BCRP, the Ministry of Economy and Finance, and INEI. INEI’s law-based publication process calls for monthly national and Lima CPI changes to be issued on the first working day of the following month.
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Sources
- INEI Resolution Jefatural No. 209-2026-INEI, published October 1, 2026, for monthly and cumulative CPI figures and methodology.
- Agencia Andina, October 1, 2026, for the reported annual rate, INEI chief’s explanation, and component figures.
- Bloomberg Línea, October 1, 2026, for the reported 12-month Lima rate and August comparison.
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