Brazil’s presidential election is being shaped by a gap between improving economic indicators and voters’ continued pressure from high living costs. President Luiz Inacio Lula da Silva, 80, is seeking a fourth term and points to record low unemployment, falling inequality and easing inflation. But polls show a close race with Senator Flavio Bolsonaro, son of former right-wing President Jair Bolsonaro, and nearly half of Brazilians say the economy worsened in the past year, compared with 19% who see improvement. Food inflation has slowed and prices fell from June to August, but cumulative increases have left prices above pre-pandemic levels. Household debt service excluding mortgages reached 26.6% of income in June, while Brazil’s 13.75% benchmark interest rate and online betting have added to financial strain. Lula has proposed a 15% increase in a major welfare program and an executive order banning online betting from October 6, while Senator Bolsonaro is campaigning on tax cuts and measures to reduce food costs. Many voters interviewed remain unconvinced that either candidate offers a meaningful change.