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Food costs, which spiked by 7.22% in 2016, saw the lowest increase this year among major economic cateogories with just a small rise of 1.92% in 2017.

S&P highlighted Colombia’s “diminished policy flexibility” due to “weakened fiscal and external profiles” in its analysis following the move.

An increase over the past month in the recreation prices (up 0.68%) and housing prices (0.30%) helped to push up the overall consumer price index.

“The dynamics of the domestic demand were weaker than expected” in the third quarter, stated the central bank.

The October rate is up slightly from 3.97% last month and puts inflation outside of the central bank’s target rate for the first time since June.

The move continues a year-long rate-cutting trend but surprised a market that expected the Banco de la República to leave the rate steady.

The bank left the door open for a future rate cut, saying that the interest rate is now "close to its neutral level, although there is uncertainty about that level."

As with the nation at large, most areas of Colombia are struggling to achieve growth. But certain segments and indicators are showing positive signs.

The Banco de la Repúblcia said that its decision was impacted by the "weakness in economic activity."

July's rate of 3.4% is a decrease from the 3.99% seen in June and represents the 12th straight month that inflation has fallen.