Yes, definetly wind. My little boy had severe colic up until he was 4 months old and spent alot of the time with this blue 'ring' around his mouth/nose.
He is now 9.5 months old and on occasions, mainly after his night time bottle he will get the blue again, luckily now he will go off and play and do a huge burp and it goes away.
I often say 'oh, you need to do a burp for Mummy' and people will ask 'how do you know' and its from him having the blue and yep, sure enough he will do one and thats it.
If your baby isn't too bothered by the wind then I wouldn't stress too much, he/she will eventually burp it out. The only time it really is a problem is if they are uncomfortable and that can get stressful for everyone. Especially if it takes a while to get the wind out (we had many 4 hour episodes of screaming with colic).
Hope this helps.