EMERGING MARKETS-Colombia, Chile outperform broader Latam FX in lead up to US data

* Petrobras shares fall after fuel sales hurt earnings * Argentina inflation slows to 8.8% in April * Chile raises FY GDP growth forecast to 2.7% * Both Latam stocks and FX indexes flat (Updated at 1931 GMT) By Johann M Cherian and Shashwat Chauhan May 14 (Reuters) - The currencies of Colombia and Chile outperformed peers in Latin America on Tuesday, ahead of a U.S. inflation data print, while investors parsed minutes from Brazil's central bank meeting and latest consumer prices out of Argentina. As of 1931 GMT MSCI's index for Latin American currencies was flat as investors were in a wait and see mode in the lead up to the U.S. consumer inflation print which could dictate the Federal Reserve's monetary policy trajectory and that of the greenback. Still, Colombia's peso strengthened 1.2% to over a month's high. A Reuters poll showed economic growth in the region's fourth largest economy was seen at 0.7% in the first quarter, from a year earlier, with domestic consumption moderating and inflation and interest rates still high. Chile's peso rose 0.7% to over a three month high. The copper producer's government raised its annual economic growth forecast, and also lifted its full-year inflation forecast to 3.8%, from 3.1% previously. Also aiding Chilean peso's rise was U.S. copper futures, which stormed to a record high. Brazil's real climbed 0.4% after minutes from the local central bank's last policy meeting showed the members who voted for a larger interest rate cut last week remained committed to pursuing the inflation target and the necessary terminal interest rate to achieve this convergence. The decision to slow down the pace of rate cuts had sent the real lower by over 1% on concerns of upcoming decisions being influenced by politics. The real is up 1.2% month-to-date but is still underperforming peers. "All members appeared to be in agreement that the economy and labor market are faring better than previously expected and that the government's changes to the fiscal framework were a cause for concern," said William Jackson, chief emerging markets economist at Capital Economics. Separately, Brazil's Treasury has confronted waning demand for its inflation-linked bonds despite offering higher rates amid global and domestic uncertainties, hampering efforts to lengthen the maturity of the country's debt. On the equities front, MSCI's gauge for Latam stocks was muted, while Argentina's MerVal index rose 1.8% after data showed consumer prices in the embattled economy rose less-than-expected in April. Regional heavyweight Brazil's main stock index added 0.3%, though gains were limited by Petrobras' 1.5% drop after the energy giant posted worse-than-expected results for the first quarter, hurt by less profitable fuel sales. Hapvida jumped over 10% after the Brazilian healthcare operator posted a higher first-quarter adjusted net profit, while Natura &Co shed over 8% after the cosmetics maker reported a wider quarterly net loss. Key Latin American stock indexes and currencies: Latin American market prices from Reuters Stock indexes Latest Daily % change MSCI Emerging Markets 1082.28 0.33 MSCI LatAm 2496.56 0 Brazil Bovespa 128499.39 0.27 Mexico IPC 57200.46 -0.92 Chile IPSA 6738.37 0.64 Argentina MerVal 1402775.12 1.876 Colombia COLCAP 1405.57 1.09 Currencies Latest Daily % change Brazil real 5.1302 0.41 Mexico peso 16.8334 -0.20 Chile peso 916.2 0.68 Colombia peso 3840 1.15 Peru sol 3.7058 0.22 Argentina peso 885.0000 -0.06 (interbank) Argentina peso 1050 -0.48 (parallel) (Reporting by Shashwat Chauhan and Johann M Cherian in Bengaluru; Editing by Alison Williams)