Nine markets in the Southern Region of Malawi were studied. The prices of 79 separate purchases were compared for market type, species, form of preservation, total length, distance of retail market from the capture fishery of origin, and distance of retail market from the main commercial center of Blantyre. Interviews with retailers and consumers were conducted to help interpret price data and better understand marketing procedures. Average prices were significantly higher in urban than in rural markets. Fresh fish were found to fetch higher prices in rural but not in urban markets. In neither type of market, a premium was paid for a particular species group or for larger fish. The implications for aquaculture development in Malawi are discussed.