North Korean Rice Prices Plummet as Holiday Supplies Flood Markets
Rice prices in North Korea's informal markets have continued to fall after a period of national holidays boosted grain supplies and eased demand. According to a survey by Daily NK, a kilogram of rice sold for 41,100 North Korean won in one Pyongyang market as of Sept. 13, down 8.9% from the previous survey on Aug. 30.
Prices fell by similar margins in Sinuiju and Hyesan, with rice selling for 41,200 won per kilogram in Sinuiju and 41,400 won in Hyesan. The prices were down 8.8% and 8.6%, respectively, from two weeks earlier.
The decline in grain prices is attributed to increased supply around the Sept. 9 regime founding anniversary and the Chuseok harvest holiday. North Korean institutions typically provide cadres and employees with rice, corn, flour, cooking oil, and sugar ahead of major holidays, which reduces market demand and pushes extra grain into markets.
The arrival of this year's freshly harvested corn also contributes to the price drop. Cho Chung-hee, director of the Good Farmers research institute, noted that 'this is the season when freshly harvested corn for eating reaches the market.' While the new corn supply continues, corn prices and rice prices tend to fall somewhat during this time.