Sugar prices up, Illovo says its rising inflation and devalutaion of Kwacha
The country’s sole local sugar manufacturer, Illovo Sugar Malawi Limited has increased the prices of sugar.
According to a statement from Illovo, the sugar prices have been increased by 11 % from October 3.
The price of one kilogram of sugar which was selling K129 in retail supermarkets has been increased to K133.
One kilogram packet of brown sugar is now up to K125.
Meanwhile, Illovo public relations officer Ireen Phalula has justified the increase saying it was triggered by rising inflation, devaluation of the Malawi kwacha against the South African rand and rising sugar prices on the world market.
“The government inflation is mainly attributed to the cost of food whereas in our case we factor in the transportation cost,” Phalula told The Nation newspaper.
World Sugar leaders Brazil, India and China have been hit by flooding in sugar growing regions thus causing a world wide sugar shortage and prices exploding by 100%.
So Malawi sugar will be in great demand world wide. You complaining about a 11% price increase? I think the sugar prices will explode much more than the current 11%.