Colombia's central bank left its benchmark interest rate unchanged at 4.25%, saying inflation increased slightly in June and its convergence down to the 3.0% target could be delayed.

Banco de la República said inflation reached 3.2% in June and inflation expectations remain above its 3.0% target. It said the convergence of inflation toward the target could be delayed due to certain risks, including a stronger-than-expected depreciation of the peso that could result in higher domestic prices.

Technical staff at the central bank continue to expect Colombia to record economic growth of 2.7% in 2018.