Inflation in Metropolitan Lima rose to 5.25% in the twelve months to October 2026, after the consumer price index (CPI) increased 0.57% in the month, Peru's National Institute of Statistics and Informatics (INEI) reported on November 1. It is the highest level in 38 months, according to Infobae, and above the 1% to 3% target range of the Central Reserve Bank of Peru (BCRP).
So far this year, prices in Lima have risen 4.88%. Nationwide, the CPI rose 0.56% in October, with a year-to-date change of 4.60% and a twelve-month rate of 4.83%, and all 26 cities measured by INEI recorded increases.
Lima inflation in October 2026, in figures
| Month of 2026 | Monthly change | Year to date | Last 12 months | Source |
|---|---|---|---|---|
| April | 0.52% | 3.72% | 4.01% | INEI |
| May | −0.16% | 3.56% | 3.91% | INEI |
| June | 0.23% | 3.79% | 4.01% | INEI |
| July | 0.29% | 4.09% | 4.07% | INEI |
| August | 0.07% | 4.16% | 4.44% | INEI |
| September | 0.12% | 4.28% | 4.55% | INEI |
| October | 0.57% | 4.88% | 5.25% | INEI |
To put the jump in perspective: in all of 2025, Lima prices rose 1.51%, according to INEI. October's increase exceeds that of the previous six months and that of October in each of the last four years: 0.35% in 2022, −0.32% in 2023, −0.09% in 2024 and −0.10% in 2025. This year only March (2.38%, due to the Camisea gas emergency) and February (0.69%) were higher, according to Infobae.
What rose most in Lima: corn, fish and fares
INEI attributes the increase mainly to Food and non-alcoholic beverages, which rose 1.62%, driven by fish and seafood (11.7%) and vegetables, legumes and tubers (8.2%). Transport also weighed, due to airfares and fuel, as did household gas and electricity, due to the new tariff schedule in force since October 4. Of the 586 products in the basket, 309 rose, 113 fell and 164 did not change.
| Product | Change in October |
|---|---|
| Fresh corn (choclo) | +45.29% |
| Bonito | +26.90% |
| Carrot | +24.56% |
| Green peas | +24.31% |
| Mackerel | +17.48% |
| Colored potato | +14.38% |
| Olluco | +13.87% |
| Yellow potato | +13.54% |
Source: INEI. By contrast, Israeli apples (−10.65%), cucumbers (−9.79%), mangoes (−7.72%), tomatoes (−6.80%) and eggs (−5.34%) fell, as did gutted chicken (−1.5%).
| Consumption division (Lima) | Change in October |
|---|---|
| Food and non-alcoholic beverages | 1.62% |
| Transport | 0.77% |
| Housing, water, electricity, gas and other fuels | 0.39% |
| Furniture and household goods | 0.36% |
| Miscellaneous goods and services | 0.29% |
| Restaurants and hotels | 0.22% |
| Education | 0.09% |
| Health | 0.00% |
| Communications | −1.38% |
Source: INEI. In transport, airfares (+4.2%) and vehicle fuels (+3.6%) stood out, including autogas LPG (+5.8%), gasohol (+3.8%) and diesel (+1.7%).
Peru's national inflation: 0.56% in October
Outside the capital the pattern was similar. The national CPI, which INEI calculates with 26 cities, rose 0.56% in October and 4.83% over twelve months. Food and non-alcoholic beverages was the division with the largest rise (1.49%), followed by Transport (0.89%) and Housing, water, electricity and gas (0.42%). Communications was the only one to fall (−1.67%).
| Consumption division (national) | Change in October |
|---|---|
| Food and non-alcoholic beverages | 1.49% |
| Transport | 0.89% |
| Housing, water, electricity and gas | 0.42% |
| Alcoholic beverages and tobacco | 0.30% |
| Restaurants and hotels | 0.28% |
| Furniture and household goods | 0.27% |
| Miscellaneous goods and services | 0.23% |
| Health | 0.03% |
| Communications | −1.67% |
Source: INEI. Wholesale prices rose 0.74% in the month, pushed by farm products such as green peas, carrots, onions and potatoes, and by industrial fuel oil and rebar. That indicator often anticipates pressures that later reach consumers. Machinery and equipment prices rose 1.47% and construction material prices in Lima, 0.13%.
Core inflation in Lima and what lies ahead for the BCRP
Inflation excluding food and energy, which INEI calls core inflation, rose only 0.16% in October. That suggests the jump stems mainly from supply shocks in fresh products, fuel and energy rather than broad-based pressure, a reading shared by the BCRP, according to Infobae.
The BCRP has kept its reference rate at 4.25% since September 2025, and its September Inflation Report projected 4.2% for December, a figure October has already exceeded by 1.05 points. The bank expects inflation to return gradually to 2% in 2027 but warns that El Niño and tensions in the Middle East could pressure food, energy and transport prices. The board, to be chaired by Julio Velarde in his fifth term, will have to decide whether to raise rates (see Velarde's A+ grade from Global Finance and the region's central bank rates).
| Cities with highest inflation in October | Change | Cities with lowest | Change |
|---|---|---|---|
| Huancavelica | 1.03% | Pucallpa | 0.07% |
| Cerro de Pasco | 0.96% | Tumbes | 0.10% |
| Puerto Maldonado | 0.92% | Tacna | 0.15% |
| Puno | 0.78% | Chachapoyas | 0.25% |
| Huaraz | 0.77% | Huánuco | 0.26% |
Source: INEI. With prices rising faster than the target, inflation also matters for incomes: the minimum wage in Peru and the December bonus lose purchasing power if prices keep rising. The comparison with the rest of the region is in the Latin America inflation ranking.
Frequently asked questions
What was Lima's inflation in October 2026?
Metropolitan Lima's CPI rose 0.57% in October; twelve-month inflation reached 5.25% and the year-to-date rate 4.88%, according to INEI.
What was Peru's national inflation in October?
The national CPI rose 0.56% in October, with 4.60% so far this year and 4.83% over twelve months.
Which product rose most in October?
Fresh corn (choclo), up 45.29%, followed by bonito (26.90%) and carrots (24.56%).
What is the BCRP's inflation target?
A range of 1% to 3% a year. At 5.25%, Lima's inflation is more than two points above the ceiling.
