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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 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.

The 3.99% rate is 38 basis points below the 4.37% annual inflation seen in May and less than half of the 8.60% rate in June 2016.

With inflation nearing the central bank's target range, some analysts are now wondering if the central bank will make another 50-basis-point cut Colombia's interest rate.

The February rate is down from 5.47% in January — and a marked decrease from the 8.97% seen in July 2017.

The slow growth in 2016 marks only the second time since 2002 that the Colombian economy has expanded by less than 3.0%.

Exports from free-trade zones from January through October in 2016 were 52.9% higher than the same period in 2015.

The new 6.48% rate is the lowest seen since November 2015 — and a huge drop from the 8.97% high in July.

The 2.0% figure is below the projections of most analysts in what is shaping up to be an even worse year than expected for Colombia's economy.