operating income. 

Year Ended December 31, 2012, versus Year Ended December 31, 2011 

In 2012, foreign currency exchange rates unfavorably impacted consolidated operating income by 5 percent. The unfavorable impact of changes in foreign currency exchange rates was primarily due to a stronger U.S. dollar compared to certain other foreign currencies, including the South African rand, British pound, euro, Brazilian real, Mexican peso and Australian dollar, which impacted the Eurasia and Africa, Europe, Latin America, Pacific and Bottling Investments operating segments. The unfavorable impact of a stronger U.S. dollar compared to the currencies listed above was partially offset by the impact of a weaker U.S. dollar compared to certain other foreign currencies, including the Japanese yen, which had a favorable impact on our Pacific operating segment. Refer to the heading "Liquidity, Capital Resources and Financial Position — Foreign Exchange" below. 

Our 2012 consolidated operating margin was favorably impacted by geographic mix. The favorable geographic mix was primarily due to many of our emerging markets recovering from the global recession at a quicker pace than our developed markets. Although this shift in geographic mix has a negative impact on net operating revenues, it generally has a favorable impact on our gross profit margin and operating margin due to the correlated impact it has on our product mix. The product mix in the majority of our emerging and developing markets is more heavily skewed toward products in our sparkling beverage portfolio, which generally yield a higher gross profit margin compared to our still beverages and finished products. Consequently, the shift in our geographic mix is driving favorable product mix from a global perspective. 

Operating income for Eurasia and Africa for the years ended December 31, 2012 and 2011 was$1,078 million and $1,003 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates of 10 percent. The unfavorable impact of the fluctuations in foreign currency exchange rates was offset by volume and revenue growth across the operating segment. 

Europe’s operating income for the years ended December 31, 2012 and 2011 was$2,960 million and $3,090 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 4 percent. Operating income also declined in 2012 as a result of lower sales volume and shifts in product, package and channel mix across the market due to ongoing macroeconomic uncertainty and weak consumer confidence, partially offset by efficient expense management. 

Operating income in Latin America for the years ended December 31, 2012 and 2011 was$2,879 million and $2,815 million, respectively. In 2012, operating income was unfavorably impacted by fluctuations in foreign currency exchange rates by 10 percent. In spite of the unfavorable currency impact, operating income in Latin America increased in 2012, reflecting solid volume growth and favorable pricing across the group, partially offset by continued investments in the business, including some