Brazilians aren’t drinking as much beer as they used to, which is giving the biggest beer brewer in the world — Anheuser-Busch InBev () — a major hangover.
The Belgian-based company said beer sales dropped nearly 9% in Brazil in the last quarter, which slammed the company’s overall profitability.
And remember, this is the same quarter that Brazil hosted the Olympics.
The world’s biggest sporting event wasn’t enough to convince residents to drink and celebrate, as the country is mired in its longest recession since the 1930s. Unemployment is up and wages are down.