Sugar price up 10% on weak kwacha
Sugar prices have gone up by 10 percent at the wholesale sugar market in the country effective Monday, according to Malawi Stock Exchange listed sugar manufacturer Illovo Sugar (Malawi) Limited.
Illovo Sugar (Malawi) Limited public relations officer Ireen Phalula said the Malawi kwacha has depreciated significantly since the last price adjustment last year hence the increment.
She said a weak currency impacts key inputs and any imported expertise required to complement locals in maintaining the factories and overseeing agricultural operations.
According to the new price structure, the price for 50 kilogrammes (kg) of brown bulk per metric tone (MT) will be at K495 900 ($886) and K28 886.18 ($52) per bale while white bulk will be at K508 300 ($908) per MT and K29 608.48 ($53) per bale.
Consumers will pay K506 500 ($904)per MT and K11 801.45per bale for 20 packets of brown pre-pack at two kg and K504 100 for white pre-pack per MT and K11 745.53 per bale for the same. n
