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While still in line with central bank projects, the uptick brings year-over-year inflation to its highest level since February.

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.

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.

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.