Views of Lula turn negative, Brazilians wary on taxes, economy

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.

The 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.

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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.