Bolsonaro stresses deflation and overall improvement in Brazilian economy

Brazilian President and candidate for re-election, Jair Bolsonaro, said Tuesday that the country, Latin America’s leading economy, will see deflation for the third consecutive month in October and an overall improvement in gross domestic product (GDP) growth due to his policies for the business sector.

“We have an economy that is an example for the world,” the President said in the city of Balneario Camboriú in Santa Catarina (south) at a rally for his re-election ahead of the second round of voting on Oct. 30, in which he will face Luiz Inácio Lula da Silva.

Bolsonaro said that the Central Bank’s Focus bulletin of financial market forecasts indicated positive economic growth and falling inflation for the fifteenth consecutive week.

On Tuesday, the Brazilian Institute of Geography and Statistics (IBGE) reported that the country recorded deflation in September for the third consecutive month.

It was a decline of 0.29 percent, and in the cumulative 12 months, the price increase was 7.17 percent, against the inflation target of 3.5 percent projected by the Central Bank.

The President reiterated that his government has “promoted laws that benefit entrepreneurs,” citing the Economic Freedom Law, pension reform, and the legal framework for business startups.

He also pointed to the tax holiday that allowed consumers to lower fuel prices in the year’s second half.

The Liberal Party candidate lost to Lula of the Workers’ Party in the first round of voting on Oct. 2 by 48.43 to 43.20, qualifying both for the second round, which will elect a president for the 2023-2026 term.