Poll Shows Decline in Support for Brazilian President Lula

SAO PAULO (Reuters) – Support for Brazilian President Luiz Inacio Lula da Silva has dipped sharply, according to a poll released on Monday. Disapproval has now surpassed approval for the first time in two years, amid rising concerns over taxation and financial market turmoil.

The Genial/Quaest poll indicates that 47% of respondents approve of Lula’s performance, a decrease from 52% in December, marking his lowest approval rating since taking office in January 2023. Disapproval has climbed to 49%, up from 47% last month.

This decline poses challenges for the 79-year-old leftist leader as he reaches the midpoint of his third non-consecutive term and considers a potential reelection bid next year.

The political landscape in Brazil, Latin America’s largest economy, remains uncertain as health concerns grow about the aging president. Meanwhile, his right-wing rival, former President Jair Bolsonaro, is barred from public office until 2030.

According to pollster Quaest, the government’s recent decision to increase oversight of financial transactions, including Brazil’s popular instant payment system Pix, has significantly affected Lula’s support. The move triggered widespread online misinformation suggesting a new tax on Pix payments, which the government denied before ultimately revoking the initial proposal.

Economic issues also play a major role in these results. Quaest noted that perceptions of the economy over the past year remain negative, with positive views declining since October. Recently, the Brazilian currency hit record lows against the U.S. dollar after government spending cuts failed to meet expectations. While economic growth has been stronger than anticipated, inflation has exceeded the 3% target, prompting the central bank to hike interest rates aggressively.

High food prices remain a primary concern. Lula has instructed his cabinet to explore methods to reduce prices, including potential cuts to import taxes. “We are going to hold many meetings with wholesalers, supermarket chains, and producers to find a solution,” Lula stated in a social media video on Sunday. “We’re working hard on it.”

The Quaest poll, commissioned by brokerage Genial Investimentos, surveyed 4,500 eligible voters in person from January 23-26. The poll has a margin of error of plus or minus 1 percentage point.