Maize prices ease by 19%—report

Maize prices eased in April 2023 by an average of 19 percent, thanks to the freshly harvested maize which has given relief to consumers, data show.

International Food Policy Research Institute (Ifpri) data collected from 26 markets nationwide indicated that on average, prices of maize declined by 15 percent for old maize and nine percent for newly harvested maize in April.

The Ifpri data released yesterday further shows that old maize decreased from K734 per kilogramme (kg) to K626 per kg between the final weeks of March and April while newly harvested maize declined from K533 per kg to K483 per kg.

During the review period, Agricultural Development and Marketing Corporation (Admarc) sales were reported in six out of the 26 markets monitored by Ifpri.

Reads the Ifpri Malawi monthly maize market report: “In contrast to the previous season, there was a sharp decline in average maize prices in April, albeit from a much higher maximum. This is a typical pattern when newly harvested maize comes to market.”

Ifpri further said on average, the Central Region experienced the highest prices of new maize as harvesting in the Central highlands, which is still only starting, is expected to be low compared to last year due to a smaller planted hectarage and late deliveries of subsidised fertiliser.

According to Ipfri, by the end of April, newly harvested maize was available in all monitored markets and sold at a discount of 20 to 30 percent compared to old maize.

However, Consumers Association of Malawi executive director John Kapito feared maize prices will not be sustained for a long period as the country registered poor harvest due to inadequate farm inputs and the impact of Tropical Cyclone Freddy that hit the country in mid-March.

Maize is an important crop in the country’s economy and as part of the food component, contributes about 53 percent to the Consumer Price Index, an aggregate basket of goods and services which is used for computing inflation.