Colombia’s peso bonds fell, pushing yields on benchmark securities higher, on speculation faster economic growth will lead the central bank to raise interest rates further.

The yield on the nation’s 10 percent bonds due in July 2024 rose one basis point, or 0.01 percentage point, to 7.59 percent at 9:57 a.m. in Bogota, according to the stock exchange. The bond’s price fell 0.083 centavo to 119.028 centavos per peso.

Colombia’s economy expanded 6 percent in the third quarter, according to the median estimate of 30 economists surveyed by Bloomberg. The national statistics agency is slated to release the quarterly report today at 11 a.m. local time. The economy may grow as much as 6 percent in 2011, the fastest pace since 2007, according to the central bank. Finance Minister Juan Carlos Echeverry said there may be 5.1 percent growth in 2012.

“The sense is that the central bank will need to continue raising rates to control inflation,” said Daniel Escobar, an analyst at brokerage Global Securities in Bogota. “Inflation expectations are getting close to the target ceiling.”

The gap between yields on government inflation-indexed bonds due 2015 and similar-maturity fixed-rate debt, a gauge of annual consumer price increase expectations, rose to 3.93 percentage points today, from 3.54 two months ago.

Banco de la Republica targets inflation between 2 percent and 4 percent in 2011 and 2012.

Policy makers in November raised the key rate a quarter percentage point to 4.75 percent, citing the need to bolster the central bank’s credibility after “strong” growth drove up inflation expectations, according to minutes of the meeting. The central bank left the rate unchanged in the Dec. 16 meeting. Escobar predicts policy makers will lift the key rate in the first quarter to as high as 6 percent by the end of 2012.

The peso advanced 0.2 percent to 1,928.75 per U.S. dollar, from 1,931.88 yesterday.