Lula Expresses Concern Over High Food Prices

SAO PAULO (Reuters) – Brazilian President Luiz Inacio Lula da Silva expressed his concerns about high food prices in Brazil but remains optimistic about the economy’s future.

“The Brazilian economy is living its best moment,” Lula stated in an interview with radio stations, highlighting stronger-than-expected growth. He added that inflation is “under control,” even though it exceeds the central bank’s target range of 1.5% to 4.5%.

Lula acknowledged that Brazil’s real is still low compared to the U.S. dollar but expects the rate to adjust, as the local currency has risen more than 6% this year after previously hitting record lows in December.