Key facts
- Annual inflation in Colombia was 6.29% through September, more than double the central bank's 3% target.
- Third-quarter economic performance figures are due in mid-November and are expected to show signs of a slowdown.
Colombia's central bank board is expected to raise its benchmark interest rate on Friday in an effort to contain inflationary pressures, though some market participants have not ruled out a hold as policymakers wait to see how the economy evolves. Seventeen of 31 analysts in a Reuters poll this week said the board would raise its benchmark rate by 25 basis points to 12.5%, while one forecast a 75-basis-point increase to 13%. The remaining 13 analysts said the bank would keep the rate unchanged at 12.25% as it awaits fresh economic data.