Rice price inflation, a key indicator of the spiraling inflation which has beset the North Korean economy as a whole since the November, 2009 redenomination, shows no signs of slowing down, with the price in North Hamkyung Province reaching 1,500 won per kilo as of the 7th. <\/p>\n
A source from North Hamkyung Province told The Daily NK the news by phone yesterday, saying, \u201cIn the Nammun jangmadang, in Hoiryeong, at around 2PM this afternoon, the rice price per kilogram was more than 1,500 won.\u201d <\/p>\n
He also reported, \u201cI called a friend of mine who lives in the Songpyung-district of Chongjin, and he said that the rice price per kilogram in the Sabong jangmadang there had gone over 1,450 won.\u201d<\/p>\n
The source added, \u201cAlthough the Hoiryeong food distribution situation is actually better than elsewhere because this is Kim Jong Suk\u2019s home town, since the value of the new money is continuously deteriorating and the exchange rate has skyrocketed, the prices of all products, as well as rice, have continued to soar.\u201d<\/p>\n
The source also noted that promised food distribution had failed to materialize. According to his friend, when Kim Jong Il went to Kim Chaek Steel Mill in Chongjin on the 5th, he told them that food distribution would soon be released. But, that has yet to happen; \u201cjust words,\u201d as the source put it.<\/p>\n
He went on, \u201cThe value of the dollar is rising uncontrollably. Since the economy is in such a mess, the dollar\u2019s value cannot stabilize, only fluctuate.\u201d<\/p>\n
\u201cResidents in Hoiryeong and Chongjin expected that when Kim Jong Il came to their Province, maybe to the steel mills, food distribution would be released, but there have been no practical moves on that.\u201d <\/p>\n
Exchange rates have also been soaring erratically, the source reported; as of today one dollar is being traded for 1,750 won and one Yuan for 250 won. <\/p>\n
With a kilo of rice now costing an unaffordable 1,500 won, residents are growing more and more incredulous, not to mention pessimistic, about the future; \u201cSuicides are increasing,\u201d the source asserted.<\/p>\n
\u201cLast year, elderly people committed suicide because they were pessimistic about their lives, but these days, more than a few young people are doing it too.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Rice price inflation, a key indicator of the spiraling inflation which has beset the North Korean economy as a whole since the November, 2009 redenomination, shows no signs of slowing down, with the price in North Hamkyung Province reaching 1,500 won per kilo as of the 7th. A source from North Hamkyung Province told The […]<\/p>\n","protected":false},"author":122,"featured_media":11405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wikipediapreview_detectlinks":true,"footnotes":""},"categories":[645],"tags":[],"class_list":["post-11403","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy"],"yoast_head":"\n