Billionaire Abilio Diniz wants Brazilians to be able to afford luxury ham this Christmas

Abilio Diniz, the billionaire chairman of Brazil’s biggest processed-food maker, wants to make sure his countrymen can afford top-grade ham this Christmas.

Diniz’s BRF is not planning a price increase in its home market at least in December, despite above-target inflation and a weak currency pressuring costs, executives said yesterday.

The move is not purely altruistic: With Brazil’s economy heading toward the longest recession since the 1930s and unemployment soaring, Mr Diniz is making a play to hold onto market share amid increasing competition from JBS, the world’s largest meat producer.