Minister of Trade and Industry, Engineer Vitumbiko Mumba has warned bakeries in the country to lower bread prices or face closure.

The warning serves as a means to protect consumers from price hikes despite reductions in flour prices by suppliers.

Mumba made the warning on Monday during a follow up visit to BreadTalk Bakery at Crossroads Complex in Lilongwe.

The visit was aimed at verifying whether the bakery had implemented the agreed price reduction for bread.

"The Ministry of Trade and Industry together with other government departments is making sure that prices for essential goods such as bread and oil do not escalate.

We visited BreadTalk today  to confirm whether or not the prices have decreased as per our agreement. Indeed they have reduced from K4,100 to K3,800 per loaf, however, we are not satisfied with the reduction as such we have given the management of Breadtalk 48 hours to revise the price," Mumba said.

Mumba also visited Capital Foods Limited, a wheat flour production company, which reduced flour prices from K230,000 to K120,000 per 50kg bag.

The Minister commended their compliance, urging other companies to follow suit.

At Happie Foods, a cooking oil production factory owned by an indigenous Malawian, Mumba expressed satisfaction with the reduced oil price from K150,000 to K100,000 per 20-litre bucket, encouraging other producers and retailers to adopt similar measures.

 "We are satisfied that the price has reduced from K150,000 to K100,000 per 20-litre bucket. I am calling on all cooking oil production companies as well as retailers to reduce their prices just like Happie Foods. Particularly am pleased to see an indigenous Malawian daring the cooking oil industry which has mostly been run by non indigenous," he said.

On his part, Owner of Happie Foods, Happie Nyirenda said the Government’s initiative has enabled him to have access to forex to help his investment.

"I am now selling cooking oil at K100,000 per 20 litre bucket and chances are high that I might decrease the price to K90, 000. As such, I am appealing to fellow cooking oil producers to decrease their prices."

"Currently most of these suppliers are selling cooking oil at K120,000 from K150,000 per 20 litre bucket," He added.

Government's move to bail out the productive sector is part of a broader strategy to ensure prices of essential goods do not escalate and punish ordinary Malawians.