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Sugar prices up

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Illovo Sugar Malawi Limited has increased prices of sugar across all its distribution centres and the new prices became effective on Monday this week.

Illovo last revised sugar prices in December, 2016, pushing them up by an average of nine percent.

While Illovo does not indicate by what percentage sugar prices have gone up, information contained in the new price list shows that customers will now be required to pay a unit price of K15, 564.40 for 20 prepacks of brown sugar weighing 1kg each, up from K14, 282.90. The price is the same for white sugar which was previously selling at K13, 980.

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This means 1kg of brown and white sugar will not be sold for K778.22, up from K750.

The development comes at a time when the supply of sugar on the market has been erratic, resulting in speculative trends which saw sugar prices going up to between K900 and K1, 000 at some point.

Illovo Sugar Malawi Limited Public Relations Manager Ireen Phalula was yet to respond to our questions as we went to press but, in the statement, Illovo attributed the price changes to its national equalisation scheme.

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Earlier, Phalula assured the nation of consistent supply of sugar following the resumption of the 2017/18 sugar milling season.

“At the moment, the country has 4,359 tonnes of sugar from the previous season in Illovo warehouses, customer warehouses and in market outlets. This is enough sugar for the country,” she said.

Looking forward, Phalula said Illovo Malawi anticipates a satisfactory 2017/18 milling season with more than sufficient production of sugar to cater for both domestic and export demand.

Illovo Sugar Malawi is the country’s major supplier of sugar producing around 270,000 tonnes of sugar, annually, over 60 percent of which is sold on the domestic market.

Although developments in the economy are pointing to a rebound, prices of goods and services in Malawi remain high.

An investigation which The Daily Times conducted recently found that although inflation has been decelerating in recent months, prices of goods and services have either stagnated or gone up.

Economic experts have said Malawi is experiencing a deflation where prices of goods are increasing, but, at a slower rate than before.

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