UPDATE 1-Peru central bank chief sees low monthly inflation later this year

(Adds inflation estimate for 2023, 2024, background on Peru)

LIMA, Nov 16 (Reuters) - Peru's Central Bank President Julio Velarde estimated that the country's monthly inflation will range between 0.2% and 0.25% in November and December, he said on Thursday.

The South American country's 12-month inflation rate could hit 3.4%-3.5% at the end of the year, added Velarde.

Annual inflation in Peru decelerated to 4.34% in October to reach its lowest level in over two years, but still remained below the central bank's target of 2%, plus or minus one percentage point.

The world's second-largest copper producer has been grappling with negative impacts from the weather phenomenon known as El Nino, as well as lower private investment.

Velarde said annual inflation could settle at about 3% next year in April depending on the fallout on the economy from El Nino. (Reporting by Marco Aquino; Editing by David Alire Garcia)