SAO PAULO (Reuters)

A majority of Brazilians now disapprove of President Luiz Inacio Lula da Silva’s performance leading Latin America’s largest economy, a fresh poll showed on Wednesday, as high inflation levels increasingly worry voters ahead of polls next year.

The growing dissatisfaction with the 79-year-old leftist leader, which the poll showed extends even to his northeastern political stronghold, comes as he weighs a potential bid for reelection.

The Quaest poll commissioned by brokerage Genial showed that 41% of those surveyed approve of Lula’s administration, down from 47% in January, while disapproval rose to 56% from 49% earlier this year.

That marked Lula’s highest disapproval level in his three non-consecutive terms as president, Genial said.

Lula’s main political rival, right-wing former President Jair Bolsonaro, was barred from public office until 2030 and now faces trial for allegedly conspiring to overthrow the government after he lost the 2022 election.

That has removed one obstacle if Lula does, indeed, seek reelection.

However, support for the president had already dipped in the previous Quaest poll, when his disapproval rating surpassed approval for the first time since he took office in his latest term in January 2023.

The new poll suggests that measures the government hoped would drive up his popularity did not have an immediate effect.

Those include a proposal to exempt Brazilians earning 5,000 reais ($880) or less per month from income tax and slashing import taxes on certain products to curb food inflation.

“The government’s inability to reverse the disapproval situation is also the result of a worsening perception of the economy,” Quaest’s director Felipe Nunes said.

“Much of it is related to the high price of food and the increased view that fuel is more expensive at gas stations, which produces a widespread perception that the purchasing power of Brazilians today is lower than it was a year ago.”

Brazil’s 12-month inflation hit a two-year-high of 5.26% in early March, well above the upper end of the central bank’s 1.5%-4.5% target range, as policymakers continue to tighten monetary policy.

The Genial/Quaest poll surveyed in person 2,004 eligible voters from March 27-31. The poll has a margin of error of plus or minus two percentage points.

(US$1 = 5.6815 reais)