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BOGOTA, May 9 (Reuters) - One member of Colombia’s central bank monetary policy board favored leaving the benchmark interest rate unchanged at 3.25 percent, minutes from the April 25 meeting published on Friday showed, arguing inflation was aligned with the 3 percent target.
The bank raised the lending rate by a quarter-percentage point to 3.5 percent, its first increase in more than two years, which was aimed at heading off any inflationary pressures early as price increases begin picking up from low levels.
The member, not named in the minutes, also argued that the bank’s forecast gross domestic product (GDP) growth rate for 2014 would still not be enough to raise output up to the economy’s full potential.
Central bank director Jose Dario Uribe said in a televised update on the inflation rate on Friday that the bank’s 25 basis point increase last month was “prudence” as the economy gathers pace and consumer demand rises. (Reporting by Peter Murphy; Editing by Chizu Nomiyama and Chris Reese)