North Korean Rice Prices Finally Start to Fall

North Korea's rice prices have finally started to decline after months of steady increases. According to Daily NK, the price of domestically grown rice fell by 3.6% in Pyongyang markets and 4% in Hyesan, Ryanggang province. This marks the first time in over two months that rice prices have decreased.

The sharp rise in rice prices began in April, reaching the mid to upper 40,000-won range. However, with supplies distributed ahead of North Korea's Sept. 9 founding anniversary, market prices may be stabilizing. Holiday gifts and tightened border security also contributed to the easing of the price squeeze.

Meanwhile, corn prices continued to rise, but at a slower pace than previously seen. Fuel prices, however, remained high due to earlier currency appreciation, with a kilogram of gasoline selling for 84,500 won in Pyongyang markets.