Changchun, China — Food prices, which had been soaring since February, have started to decline slightly as of late.
A source from North Hamkyung Province said on Sunday, “This week rice prices started falling little by little. Compared to the first week of March, they have dropped more than 10%.”
According to the source, in Namun Market in Hoiryeong, North Hamkyung Province on the 13th, rice was 1,200 won per kilogram, coarsely ground corn (so-called “corn rice”) was 550 won, and un-ground corn kernels were 300 won.
Whereas, on the 7th, rice was selling for 1,500 won per kilo, ground corn for 650 won and kernels of corn 350 won in the same market.
The source explained, “Although the amount of food in the markets is far from adequate, corn smuggled in from China has been released in the markets and farmers have also started gradually putting their food stores out for sale. Therefore, prices have fallen a bit.”
However, he added, “It is still not clear if they will keep dropping or not. The phenomenon of rising food prices was so excessive in late February and early March that food price rises were always likely to slow down for a while.”
He noted, “Food sellers assume that in or around April, food prices will go up. Since residents have no cash in hand, the trade in food is not brisk.”
Changing food prices have also resulted in a downturn in exchange rates. The black market exchange rates in Hoiryeong as of the 13th were one Yuan for 210 won, and one dollar for 1,380 won. This is a 15-20% drop on a week ago.
