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Sugar prices soar

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By Patience Lunda

Illovo Sugar Malawi PLC has adjusted sugar prices from K850 to K1100 beginning today, May 30, 2022, a situation which people say will deny them access to essential goods as many of them will not be able to access them.

A statement issued by the company comes three days after the Reserve Bank of Malawi announced a 25 percent devaluation of the Malawi Kwacha.

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Illovo Sugar Malawi PLC secretary, Maureen Kachingwe confirmed the price hike but declined to divulge more information on circumstances leading to the upward adjustment.

“We have been receiving a lot of calls regarding the same and we will just issue a press statement explaining why we have increased the price,” she said.

Consumer Association of Malawi Executive Director, John Kapito has told us that prices of goods will continue going up due to the devaluation of the Malawi Currency.

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“We are going to be importing goods from other countries at a higher price which means we will not be able to maintain the old prices and unfortunately many goods in shops are imported. We should also expect fuel and electricity tariffs to also go up,” he said.

Centre for Social Concern Programme Officer Bernard Mphepo has implored on the government to find sustainable ways that would reinforce the economy to natural shocks among others.

Illovo Sugar Malawi PLC produces brown, refined and specialty sugar (dark demerara).

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