FX.co ★ Peru Inflation Rate Highest Since 2023

The annual inflation rate in Peru’s capital, Lima, rose to 3.63% in March 2026, up from 2.21% in February. This was the highest rate since November 2023 and placed inflation above the Central Reserve Bank’s (BCR) target range of 1%–3%. BCR Governor Julio Velarde attributed the spike primarily to a natural gas emergency triggered by the rupture of the Camisea gas pipeline earlier in the month, as well as higher fuel prices linked to the conflict in the Middle East. He emphasized that these shocks are expected to be temporary and to dissipate over the course of the year. The central bank projects that inflation will end the year at 2.4%, with the forecast largely reflecting the impact of elevated fuel costs, which are also feeding through to food prices. On a monthly basis, consumer prices surged 2.38% in March, up from 0.69% in February, marking the fastest pace of increase since December 1993.