Colombian consumer prices rose 0.16 percent in October, the national statistics agency said.

Annual inflation was 3.06 percent, according to the report posted on the agency’s website today. The median forecast of analysts in a Bloomberg survey was for a 0.16 percent rise on the month and a 3.06 percent increase from a year ago.

Finance Minister Mauricio Cardenas said this week the Colombian economy will grow 4.8% this year and that long-term inflation expectations are around the 3 percent target. Colombia targets inflation of 3 percent, plus or minus one percentage point.

The central bank held the benchmark interest rate at 4.75 percent at its October meeting, after policy makers judged that bond-buying plans by the U.S. Federal Reserve and European Central Bank will ease the risk of a global slump.

To contact the reporter on this story: Oscar Medina in Bogota at omedinacruz@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net