1. In a large bowl, whisk together the flour, granulated sugar, baking powder, salt, cinnamon, and nutmeg.

2. In another bowl, beat the eggs and then mix in the milk and vanilla extract.

3. Gradually add the wet ingredients to the dry ingredients, stirring until just combined. Be careful not to overmix.

4. Gently fold in the diced peaches, ensuring they are evenly distributed throughout the batter.

5. Heat about 1 inch of vegetable oil in a deep skillet or heavy-bottomed pot over medium heat until it reaches 350°F (175°C).

6. Carefully drop spoonfuls of batter into the hot oil, taking care not to overcrowd the pan. Fry the fritters in batches if needed.

7. Cook each fritter for about 2-3 minutes per side, or until golden brown and cooked through. Use a slotted spoon to remove the fritters from the oil and place them on a paper towel-lined plate to drain.

8. Dust the warm fritters with powdered sugar and serve immediately.

For a different flavor twist, you can add a touch of almond extract to the batter or substitute the peaches with apples or pears. If using canned or frozen peaches, make sure to drain them thoroughly to avoid overly wet batter. For a bit of crunch, try mixing in some chopped pecans or walnuts. And if you like a hint of spice, a tiny pinch of cayenne pepper in the batter adds a surprising depth of flavor.