North Korea's Rice Prices Reach 17-Year High Amid Corn Crisis
Rice prices in North Korea have reached a 17-year high as corn costs surge. According to Daily NK's latest market survey, one kilogram of domestically produced rice sold for 46,000 North Korean won in a Pyongyang market on August 16. This is a 4% increase from the price recorded on August 1 and the first time the price has topped 47,000 won per kilogram since the 2009 currency reform.
Corn prices have climbed even more sharply than rice, with one kilogram of corn selling for 17,500 won in a Pyongyang market as of August 16. This is a 15.1% jump from the survey conducted two weeks earlier and means that corn costs have more than tripled since the start of the year.
The sharp rise in prices appears to stem from a seasonal decline in supply combined with a poor harvest this year. Stockpiles of grain from last year's harvest are gradually running out, and this year's corn crop has fallen short of expectations, reducing the amount reaching markets and pushing prices higher.