FAO Food Price Index held steady at 210 points in January 2013 after three straight months of decline. Increases in oil and fats prices offset lower cereals and sugar quotations while dairy and meat values remained substantially unchanged. The pause in the Index's decline tallies with a significant upward revision in FAO latest forecast for 2012 world cereal production. This is now estimated at 2.302 million tonnes - 20 million tonnes up on December's forecast.
Electoral observance serves to build the foundations of Latin American democracy said Organization of American States, OAS, Secretary General Jose Miguel Inuslza during opening remarks at a Roundtable entitled International Election Observation: Progress and Challenges, held at OAS headquarters in Washington, DC.
With Pope Benedict's stunning announcement that he will resign end of the month, the time may be coming for the Roman Catholic Church to elect its first non-European leader and it could be a Latin American. The region already represents 42% of the world's 1.2 billion-strong Catholic population, the largest single block in the Church, compared to 25% in its European heartland and is has several outstanding candidates, according to Church sources.
Uruguayan opposition lawmakers, as from the rest of the continent will be travelling to the Falklands as observers of the referendum scheduled for next March 10/11 “to see the legitimacy of the process and results” but also because Uruguay has interests that go beyond the territorial dispute between Argentina and the UK.
Brazilian inflation in January climbed to 0.86%, the highest for the month in the last ten years, according to the country’s stats office, IBGE. Inflation in December was 0.79%, ending the twelve months of last year at 5.82% which was in the target range with a ceiling of 6.5%.
Venezuela devalued its currency for the fifth time in nine years as ailing President Hugo Chavez seeks to narrow a widening fiscal gap and reduce a shortage of dollars in the economy. The new exchange rate falls by 32% to 6.3 Bolivar per dollar starting Feb. 13, Finance Minister Jorge Giordani told reporters in Caracas.
Populist Ecuadorean President Rafael Correa has maintained a huge lead over his nearest opposition rival in the run-up to the Feb. 17 elections, recent polls show. Correa's popularity has remained above 50% throughout his six years in office, buoyed by his personal charisma as well as his government's heavy spending on hospitals, roads and schools.
India has shown great interest in mining iron ore, granite, gold and diamond in Uruguay and has entered into a deal for exploring and encouraging investment opportunities in the mining sector, according to Indian sources visiting Uruguay.
Two contrasting views have surfaced in the Uruguayan government regarding inflation which has been steadily climbing and seems so far immune to monetary tools, but is now the second highest in the region behind Argentina.
Economic activity in Chile grew 4.7% in December from the year earlier on gains in the service and retail industries, and ended the twelve months of 2012 with an expansion of 5.5% over the previous year according to Central bank data.