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Some of this may finally be starting to filter through to both the stock market and Peso - both have outperformed the region over recent sessions.

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

The decision to maintain the current rate was approved unanimously by all seven members of the board of the Banco de la República.

While this was just 0.01% below the rate recorded in March, this represents the fifth straight month of decline.

For the first time since last September, the inflation rate in Colombia landed within the central bank’s target range.

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

The central bank again expressed concern about economic weakness on top of low domestic demand and low external demand.