President Lazarus Wednesday claimed that investigations by the National Intelligence Service had revealed that the current hyperinflation of prices was being deliberately caused by some Asian traders in collusion with an opposition party to make Malawians suffer.

Chakwera was speaking in Parliament when he appeared before lawmakers to answer questions.

The President has since replaced Sosten Gwengwe as Trade Minister with former Labour Minister Vitumbiko Mumba.

Since the start of 2025, Malawians have seen consumer prices rise almost daily, significantly eroding their buying power.

Chakwera alleged that the perpetrators of the high prices were doing this so the party could use the pain inflicted on Malawians as a campaign tool to tell the public that the unfair trading and illegal pricing of goods were happening because of him.

“But as far as I am concerned, that is betrayal of the Malawian people. In fact, I want to categorically tell the leaders of this political party that your secret plans have been exposed and will not prevail.

“I say to the leaders of this political party that your plot to overthrow my government by instigating an illegal hyperinflation of prices will not succeed,” he said.

The President did not provide details about how the alleged collusion was being executed.

Though there was no question to him on the lineup regarding the crisis of prices, Chakwera said he would respond to what his government was doing to stop this “greedy and criminal cartel” that was inflating prices around the country.

“In fact, I have come here today primarily to announce the tough and swift actions I am already taking to deal with this conspiracy of illegally distorting market prices for political gain.

“I have, of course, already been warned that the people doing this are dangerous and want me to simply leave them alone because they are the real owners of Malawi, but I refuse to be intimidated in my own country,” the President said.

Chakwera has since directed Mumba to put in place a market price cap order, which restricts the maximum price at which essential goods should be sold.

He said the order would regulate the percentage of profit that traders could make.

Regarding inaccuracies in the State of the Nation Address (Sona) which he delivered on February 14 and which have attracted widespread condemnation, Chakwera said it was incorrect to claim that the Sona was full of lies.

He insisted that only two percent of the information presented in the address could be inaccurate.

Chakwera said the construction of a Sona went throu