The rice price, which is the standard by which to observe the lives of the North Korean people, continued to rise rapidly during July. Indeed, both rice prices and exchange rates have risen three-fold over the month.
On the 30th, in Hoiryeong Market, North Hamkyung Province, rice hit 1,500 won per kilo, while one Yuan reached a record 300 won. Corn, the ordinary people’s staple food, has also risen at a similar rate, reaching 700 won per kilogram at the time of writing. By comparison, in mid-July corn was 500 won, while one Yuan was just 195 won.
Regarding this phenomena, a source from North Hamkyung Province said, “The depreciation of the won and a lack of food came simultaneously, so rice prices and exchange rates are rising together,” and added, “Since a report on flood damage was released by Chosun (North Korea) Central TV recently, rice prices seem to have gone up sharply.”
Thus, it appears that gloomy predictions for crops this year have triggered rising rice prices and exchange rates. The source went on, “Once rice price went up, rice traders didn’t want to release rice into the market. It caused the rise.”
