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Updated at 1430 GMT

By Johann M Cherian

Sept 10 (Reuters) - Most currencies and equities in resources-rich Latin America were on the back foot on Tuesday, as prices of base metals and crude oil slipped, while investors also assessed inflation data out of Brazil ahead of an upcoming policy decision.

Colombia's peso COP= depreciated 1.2% to hit levels seen since October 2023, while Mexico's peso MXN= weakened 1%, hovering levels seen 22 months ago as oil prices slid after the Organization of Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and the following year.

Copper exporter Chile's currency CLP= slipped 0.4% as copper prices retreated on persistent worries about the economic health of top importer China. MET/L

Brazil's real BRL= declined 0.5% as iron ore prices took a hit.

Data showed consumer prices in the region's biggest economy fell marginally in August, coming in slightly below market expectations, but that was enough to reverse bets on an interest rate hike by the central bank at its meeting week.

Traders still priced in a 96% probability that the local central bank could hike borrowing costs by 25 basis points to 10.75% later in the month. 0#BCBWATCH

"A premature loosening of monetary policy could risk a return to double-digit inflation as seen in 2022, a scenario still fresh in the minds of many," said Albie Manderson, FX risk manager at Deaglo.

"Adding to market anxiety is President Luiz Inacio Lula da Silva's appointment of Gabriel Galípolo as the central bank chief, given his close ties to Lula and previous calls for deeper rate cuts."

Currencies of major economies in the region are on track for declines year-to-date as local central banks kicked off their respective monetary policy easing cycles early in the year.

The consequent impact that slowing economic growth across the globe could have on commodity exports from the region have left investors further vexed.

MSCI's index tracking regional currencies .MILA00000CUS slipped 0.5% against the dollar, while an index tracking local equity indexes .MILA00000PUS dropped 1.1%.

Brazil's Bovespa .BVSP shed 0.5%, with oil giant Petrobras PETR4.SA down 1.5%.

On the other hand, Azul AZUL4.SA rose 2.1% after the airline said it expects its annual revenue to increase 7% from last year.

Mexican stocks .MXX lost 0.4%, while Chile's main stocks index .SPIPSA dipped 0.2%.

The Chilean central bank is expected to lower its benchmark interest rate by 25 basis points to 5.25% at its monetary policy meeting in October, a poll of analysts released by the bank showed.

Argentina's MerVal index .MERV dropped 1.2% ahead of the release of its August inflation data on Wednesday.

Investors were also looking forward to a highly anticipated debate between U.S. presidential candidates Donald Trump and Kamala Harris later in the day, and will assess what each of the two's tenure in the White House could mean for global markets.

Key Latin American stock indexes and currencies:

(Reporting by Johann M Cherian in Bengaluru)

((johann.mcherian@thomsonreuters.com;))