SAO PAULO, Jan 27 (Reuters) – Support for Brazilian President Luiz Inacio Lula da Silva has dipped sharply, a poll showed on Monday, with disapproval surpassing approval for the first time in two years, after recent concerns about more taxation and turmoil in financial markets.
The Genial/Quaest poll showed that 47% of those surveyed approved of Lula’s performance as president, down from 52% in December and the lowest since he took office in January 2023. Disapproval rose to 49% from 47% last month.
figures are bad news for the 79-year-old leftist leader as he reaches the midpoint of his third non-consecutive term, while weighing a potential run for reelection next year.
The political landscape in Latin America’s biggest economy remains unsettled as health concerns about the aging president grow and his right-wing nemesis, former President Jair Bolsonaro, was barred from public office until 2030.
Pollster Quaest said the government’s step this month to increase oversight of financial transactions, including Brazil’s hugely popular instant payment system Pix, was a particular blow to Lula’s support.
The move created a wave of online misinformation suggesting Lula would impose a new tax on Pix payments, which the government denied before ultimately revoking the initial step.
Economic concerns have also contributed to the results, Quaest said in a statement, noting that “assessment of the economy over the last 12 months remains negative … while positive views have been declining since October.”
Last month, Brazil’s currency hit all-time lows against the U.S. dollar after the government’s spending cuts fell short of expectations. Economic growth has been stronger-than expected but inflation is above the 3% target and the central bank has been aggressively hiking interest rates.
Elevated food prices have also been a top concern. Lula this month ordered his cabinet to discuss ways to lower them, which could include a reduction of import taxes.
“We are going to hold many meetings with wholesalers, supermarket chains and producers so we can find a solution,” Lula said in a video on social media on Sunday. “We’re working hard on it.”
The Quaest poll commissioned by brokerage Genial Investimentos surveyed in person 4,500 eligible voters from Jan. 23-26. The poll has an error margin of plus or minus 1 percentage point.
Reuters