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HomeBusinessMalawi’s economic meltdown: Sugar prices up by 9%

Malawi’s economic meltdown: Sugar prices up by 9%

Ilova Sugar
Illovo Sugar (Malawi) Limited Hiking prices blaming Inlfation

LILONGWE-(MaraviPost)- Illovo Sugar Malawi Limited has increased prices of sugar by an average of nine percent creating more pressure on the already impoverished Malawians.

According to the new prices, 1kg packet of brown sugar is now selling at about MK715 while that of white sugar is selling at MK699.

Therefore, customers will now be required to pay a unit price of MK14, 282.90 for 20 packets of brown sugar weighing 1kg each and MK13,980 for white Sugar.

While a bale of 10 packets of brown sugar weighing 2kg each is now being sold for MK14, 003.30 and white Sugar is at MK13, 723.70.

The prices are effective from Monday, December 12 and are applying to all Illovo Sugar Malawi Limited products.

The hike has been attributed to the country’s inflation rate which is at 20.1% and also imposition of Value Added Tax (VAT) government has made on basic needs including piped water, bread, laundry soap, and sugar.

In the press statement made available to The Maravi Post, Illovo said the price increase has been necessitated by continuing inflationary gravities.

The company’s disclosed that the past year’s inflation soaring has affected two prices adjustment of eight and nine percent totaling to 17.7%.

The company has also described the new prices as fair comparing with Malawi’s neighboring countries.

But Consumers Association of Malawi (CAMA) Executive Director, John Kapito has faulted government for introducing VAT on basic commodities resulting into price increases.

Kapito observed that it was insensitive for government to make such irrational decision when all in all Malawians were still stuck into economic turmoil.

“This is punishment to the already stricken Malawians. It was wrong for the introduction of VAT on basic needs and the poor will continue to suffer, and that’s bad economic policy”, chides Kapito.

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Lloyd M’bwana
Lloyd M’bwanahttps://www.maravipost.com
I'm a Lilongwe University of Agriculture and Natural Resource (LUANAR)'s Environmental Science graduate (Malawi) and UK's ICM Journalism and Media studies scholar. I have been The Malawi Country Manager and duty editor for the Maravi Post for the past Three Years. My duty editor’s job is to ensure that the news is covered properly, that it is delivered on time, and that it is created to the standards set out in the editorial guidelines of the Maravi Post. I also decide most of what the user will or will not see. And those users will be clicking on the website expecting to see what their trusted news. Organisation has to say on an issue. I started as a senior Reporter with the Maravi Post over a 6 years ago. When I have time, I do field reporting as well.

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