Good News: Maize Prices Drop by 19%, Easing Inflation Worries
Consumers in Malawi are experiencing relief as maize prices have declined by 19%, easing household budgets and reducing inflationary pressures. A recent survey indicates that the average price of a 50-kilogram bag of maize in major cities and towns is now K88,900, down from the record high of K110,000 recorded in mid-February. This decrease is attributed to the influx of freshly harvested maize entering the market at significantly reduced prices, further improving accessibility.
Consumers can breathe a sigh of relief as maize prices have fallen by 19 percent, bringing much-needed relief to household budgets and easing inflationary pressures. A snap survey reveals that the average price of a 50-kilogramme (kg) bag of maize in Malawi’s cities and major towns now stands at K88,900, down from the record K110,000 recorded in mid-February this year.
Across different regions, Zomba has the highest maize prices at K96,000 per 50kg bag, followed by Lilongwe at K90,000 to K92,000. In Blantyre, Mangochi, and Mzuzu, maize prices peak at K90,000, but more affordable options ranging from K75,000 to K80,000 are available in Mzuzu and Mangochi.
The biggest boost for consumers comes from the influx of freshly harvested maize, which is entering the market at significantly reduced prices of K50,000 to K60,000 per 50kg bag, further driving down costs and improving accessibility.
Economist Marvin Banda predicts that food inflation will continue to decline over the next four months, thanks to increased supply.
“The agricultural production cycle indicates that as the harvest penetrates the market, prices will keep decreasing, not just for maize but for other farm products as well,” Banda explained. “However, restrictions on exports and imports for certain agricultural goods could create supply distortions, affecting availability and prices later in the year.”
Consumers Association of Malawi (Cama) Executive Director John Kapito welcomed the price drop, emphasizing its role in reducing inflation and improving affordability. However, he cautioned farmers against selling all their maize at current prices, warning of potential price hikes in the coming months due to lower harvest volumes.
“Government must ensure that food agencies such as Admarc and the National Food Reserve Agency (NFRA) have adequate resources to procure maize early and stock up for the lean period,” Kapito advised.
With maize prices stabilizing and inflation showing signs of easing, Malawians can look forward to more affordable staple food prices, bringing much-needed economic relief to households nationwide.
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Source : Nyasa Times
