Venezuela, at 466%, and Argentina, at 33.4%, have the highest annual inflation in Latin America in September 2026; Costa Rica, at 0.34%, the lowest. That is what Bloomberg Línea's compilation of official data for 19 countries shows, which we checked against the statistics agencies of the main economies. Chile, at 4.1%, and Mexico, at 3.45%, sit in the middle of the table.
The September 2026 inflation ranking
| Rank | Country | Annual inflation | Note |
|---|---|---|---|
| 1 | Venezuela | 466% | |
| 2 | Argentina | 33.4% | INDEC |
| 3 | Cuba | 25.19% | August figure |
| 4 | Colombia | 6.29% | DANE |
| 5 | Honduras | 6.28% | |
| 6 | Bolivia | 5.7% | |
| 7 | Dominican Republic | 5.12% | |
| 8 | Guatemala | 4.69% | |
| 9 | Uruguay | 4.68% | |
| 10 | Brazil | 4.58% | IBGE |
| 11 | Peru | 4.55% | Metropolitan Lima |
| 12 | Chile | 4.1% | INE |
| 13 | Nicaragua | 4% | July figure |
| 14 | El Salvador | 3.6% | |
| 15 | Mexico | 3.45% | INEGI |
| 16 | Panama | 2.2% | |
| 17 | Paraguay | 1.7% | |
| 18 | Ecuador | 1.12% | August figure |
| 19 | Costa Rica | 0.34% |
Figures in bold were confirmed with the official agency or with media citing its bulletin. The rest come from Bloomberg Línea's compilation. Cuba, Nicaragua and Ecuador appear with their latest available figure, from earlier months.
The sources for each figure
| Country | Agency | September figure |
|---|---|---|
| Argentina | INDEC | 1.9% monthly, 23.6% year to date and 33.4% annual (Canal 26) |
| Brazil | IBGE (IPCA) | 0.82% monthly, 3.95% year to date and 4.58% over 12 months |
| Chile | INE | 0.4% monthly, 4.0% year to date and 4.1% over 12 months |
| Colombia | DANE | 0.37% monthly and 6.29% annual, the highest since July 2024 |
| Mexico | INEGI | 0.42% monthly and 3.45% annual; core at 3.75% |
| Peru | INEI | 0.12% monthly in Metropolitan Lima; 4.55% annual |
The bulletins and reports used are from IBGE, INEGI, INDEC via Canal 26, DANE via Portafolio, INE via El Desconcierto and INEI via Perú Retail. In Peru, another source reports a national figure of 4.17%, so the Peruvian figure is the least firm in the table.
What explains the differences
- Venezuela and Argentina: the high-inflation cases. Argentina has been coming down from 2024 levels, but the monthly rise accelerated from 1.7% in August to 1.9% in September. Its history is in inflation in Argentina year by year.
- Colombia: inflation rose again, from 6.24% in August, moving further from the central bank's 3% target, led by restaurants and hotels (9.44% annual).
- Brazil: residential electricity rose 7.98% in September and pushed the IPCA to 0.82% for the month.
- Chile: diesel rose 10.2% in the month and food pushed the CPI to 4.1%, above the Central Bank's target.
- Mexico: tomatoes (30.25%) and onions (23%) jumped, but inflation remains close to Banxico's 3% plus or minus one point target.
- Dollarised economies: Ecuador, El Salvador and Panama use the US dollar and tend to have low inflation.
How it compares with central bank targets
| Country | Inflation target | September 2026 | Within range? |
|---|---|---|---|
| Chile | 3% ± 1 point | 4.1% | No, above |
| Mexico | 3% ± 1 point | 3.45% | Yes |
| Colombia | 3% ± 1 point | 6.29% | No, above |
| Peru | 1% to 3% | 4.55% (Lima) | No, above |
| Brazil | 3% ± 1.5 points | 4.58% | No, slightly above |
The targets are those published by the central banks themselves. A country above its target tends to hold or raise interest rates, which makes credit more expensive. In Chile, the Central Bank meets on October 26 and 27.
Inflation and wages
Inflation erodes the purchasing power of wages. To see what a minimum-wage worker earns in each country, see the minimum wage ranking in Latin America. In Chile, inflation's effect on the UF is explained in what the CPI is.
How it changed from August
| Country | August 2026 | September 2026 | Change |
|---|---|---|---|
| Argentina | 33.5% | 33.4% | Slightly down |
| Brazil | 4.22% | 4.58% | Up |
| Colombia | 6.24% | 6.29% | Up |
| Mexico | 3.26% | 3.45% | Up |
| Peru (Lima) | 4.44% | 4.55% | Up |
We only include countries whose August figure we also confirmed with the official source. In four of the five economies in the table, annual inflation rose in September.
Monthly inflation: another way to look at it
| Country | September inflation (monthly) |
|---|---|
| Argentina | 1.9% |
| Brazil | 0.82% |
| Mexico | 0.42% |
| Chile | 0.4% |
| Colombia | 0.37% |
| Peru (Lima) | 0.12% |
The monthly change shows the pressure of the latest month. Argentina still has the highest among the large economies, although far below the double-digit monthly levels of late 2023.
When October figures will be released
| Country | Agency | October CPI release |
|---|---|---|
| Mexico | INEGI | November 9, 2026 (INEGI calendar) |
| Chile | INE | Around November 8 |
| Argentina | INDEC | Mid-November |
Before that, on October 22 INEGI publishes inflation for the first half of October, and Chile's Central Bank decides its rate on October 27.
Frequently asked questions
Which country has the highest inflation in Latin America?
Venezuela, at 466% annual in September 2026, according to Bloomberg Línea's compilation. Argentina follows at 33.4%.
Which country has the lowest inflation?
Costa Rica, at 0.34% annual.
What is Chile's inflation rate?
4.1% over 12 months to September 2026, according to INE.
What is Mexico's inflation rate?
3.45% annual in September 2026, according to INEGI.
Why are September figures missing for some countries?
Because Cuba, Nicaragua and Ecuador had not published their September figure when the compilation was made.
