(Updated at 1605 GMT)
* Polish c.bank surprisingly holds rates steady, zloty jumps
* Chilean peso leads FX declines
* Chile's inflation cools in Oct
* Stocks, FX down 0.3% each

By Siddarth S
       Nov 8 (Reuters) - Commodity-rich South America's
currencies and stocks slipped in tandem on Wednesday as oil and
copper prices declined, while the zloty jumped after the Polish
central bank surprisingly kept interest rates unchanged.
    MSCI's gauge for Latin American currencies
and equities fell 0.3% each by 1605 GMT.
    Among copper-producing nations, Chile's peso dropped
1.4%, leading declines in Latam FX, and the Peruvian sol
slipped 0.2% against the dollar, tracking lower copper prices. 
    Chile's consumer prices rose 0.4% in October, slightly below
market forecasts of 0.5%, and providing justification for the
central bank's decision last month to cut interest rates.
    "Chile’s inflation continues to move in the right direction,
but the central bank has made clear that the peso is a critical
policy variable and will not want to undermine its recent
recovery with any large rate cuts," said Chris Turner, global
head of markets and regional head of research for UK & CEE at
ING.
    Mexican shares rose 0.3% ahead of a crucial interest
rate decision on Thursday where the Bank of Mexico, widely known
as Banxico, is expected to hold its benchmark interest rate at
11.25% for the fifth consecutive time.
    "Tough global conditions prompted Chile to opt for a smaller
rate cut a couple of weeks ago and we doubt Banxico will be
rushed into early easing anytime soon," Turner added.
    Oil exporter Colombia saw its peso fall 1.4% as oil
prices slid on demand concerns, while the benchmark stock index
 rose 0.5%.
    A hawkish tone from U.S. Federal Reserve policymakers on
Tuesday unearthed some fresh concerns on further rate hikes;
however, Fed Chair Jerome Powell did not comment on monetary
policy or the economic outlook for the U.S. in remarks on
Wednesday.
    Fresh from last week's decision to hold the policy rate
steady, Fed policymakers are weighing strong economic data and
the impact of higher long-term bond yields as they consider
whether they will need to hike rates further to bring down
inflation.
    The spotlight was on Central and Eastern Europe as the
Polish zloty jumped 0.4% against the euro after the
country central's bank unexpectedly left its main interest rate
on hold at 5.75%, pausing its easing cycle. 
    Analysts polled by Reuters had expected a 25 basis point
cut.
    Romania's central bank held its benchmark interest rate at
7.00%, as expected, with the leu last seen flat.
    Elsewhere, Mexican President Andres Manuel Lopez Obrador
said on Wednesday the minimum wage hike that will be agreed for
2024 will be "considerable."
    
      
     Key Latin American stock indexes and currencies at 1605
GMT:
    
    
    Stock indexes             Latest    Daily %
                                         change
 MSCI Emerging Markets          958.28     -0.25
                                        
 MSCI LatAm                    2354.51     -0.31
                                        
 Brazil Bovespa              119328.08      0.05
                                        
 Mexico IPC                   51347.85      0.27
                                        
 Chile IPSA                    5652.58      0.03
                                        
 Argentina MerVal            599976.16    -1.838
                                        
 Colombia COLCAP               1098.83      0.47
                                        
                                                
       Currencies             Latest    Daily %
                                         change
 Brazil real                    4.8887     -0.34
                                        
 Mexico peso                   17.4730     -0.01
                                        
 Chile peso                      896.7     -1.39
                                        
 Colombia peso                 4047.26     -0.97
 Peru sol                        3.797     -0.81
                                        
 Argentina peso               350.0000      0.01
 (interbank)                            
                                        
 Argentina peso                    865      2.89
 (parallel)                             
                                        
 
    
    

 (Reporting by Siddarth S in Bengaluru; Editing by Andrea Ricci)