The Celeste forward was suspended for nine competitive international games and banned from any footbaling activity for four months as well as receiving a fine of £65,900 for sinking his teeth into the Italy defender's shoulder.
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"Fifa's decision is good and is correct because it sets an example," the 73-year-old told Folha de Sao Paulo.
"If he was not sanctioned in this way, such incidents could be repeated. No player can do what Luis Suarez did. I believe that the punishment is fair because the parameter can be used henceforth."
Pele, who was a World Cup winner in 1958, 1962 and 1970, was shocked at Suarez's bite, the third time that the Uruguayan has been found guilty of such an offence.
"We are used to seeing other reactions on the pitch," the Brazilian continued. "A header, a nudge ... but a bite is really unprecedented."