![\"commodity](\"https:\/\/www.dailynk.com\/english\/wp-content\/uploads\/sites\/2\/2019\/05\/2019-\ubd81\ub18d\ucd0c_3-\uc0b4\ub9bc\uc9d1-\uc21c\ucc9c-\uc7a5\ub9c8\ub2f9-\uc7a5\uc0ac\uafbc-\uc790\uc804\uac70-\uc804\uc790-\uc800\uc6b8-300x200.jpg\")
Specifically, the source reported that people are saying they are hearing that the government plans to set prices \u201cin the near future\u201d and that the prices are \u201cmuch lower than what [the commodities] are currently selling for.\u201d People are also saying that if business people sell goods at prices higher than the state-set ones, the authorities will \u201cconfiscate their goods.\u201d<\/p>\n
According to the source, the rumor began circulating the area from around Mar. 10, and in Chongjin commodity prices began falling from Mar. 11. \u201cScared business people are selling off their goods at cheaper prices before [the government] begins [its intervention],\u201d he added.<\/p>\n
According to Article 86 of North Korea\u2019s Socialist Commerce Act, business people are not allowed to sell prohibited goods at markets or sell their wares at prices that exceed state-set upper limits on prices. Essentially, the act provides the foundations for the authorities to adjust market prices “appropriately” when needed.<\/p>\n
The fall in purchasing power among North Koreans due to economic troubles brought about by the COVID-19 pandemic also appears to have impacted the drop in prices.<\/p>\n
\u201cThere is hardly anyone left who is eating three meals a day,\u201d the source said, adding, \u201cI hear a lot of people saying they are enduring this [economic] crisis by reducing the amount of food they eat.\u201d<\/p>\n