North Korea’s market grain prices have recently surged to all-time highs after remaining relatively stable since December, increasing the financial burden on ordinary North Koreans.<\/p>\n
According to Daily NK’s regular market price survey, a kilogram of rice in Hyesan, Ryanggang province, cost 9,700 North Korean won on March 30 \u2013 a 15.9% increase from two weeks earlier. This marks the highest price since Daily NK began tracking market prices in 2009.<\/p>\n
Rice prices in Pyongyang and Sinuiju, North Pyongan province, also jumped to the mid-9,000-won range. A kilogram of rice in these cities cost 9,500 won and 9,510 won respectively on March 30, representing increases of 13.8% and 13.2% from the previous survey two weeks earlier.<\/p>\n
Rice prices in North Korean markets had initially spiked to the mid-9,000-won range nationwide in early December before falling. Since mid-February, prices had stabilized in the low to mid-8,000-won range.<\/p>\n
The relative stability in North Korean rice prices over nearly three months was attributed to imported rice being distributed through grain stores and markets. However, the latest survey shows market rice prices surging by over 1,000 won, approaching 10,000 won per kilogram.<\/p>\n
Corn prices \u2013 the staple food for low-income North Korean families \u2013 have also skyrocketed. In Pyongyang, a kilogram of corn cost 4,000 won, 33.3% more than two weeks earlier. Corn prices exceeded 4,000 won in other cities as well.<\/p>\n
In Pyongyang, rice prices have climbed 79.2% between late March 2023 and late March 2024, while corn prices rose 42.9% during the same period.<\/p>\n
Even though worker salaries at North Korean agencies and enterprises have increased by over 10% since October 2023, citizens likely feel significant financial pressure as inflation has far outpaced income growth.<\/p>\n
North Korea’s market exchange rates have also spiked dramatically.<\/p>\n
The U.S. dollar traded at 21,200 won in Pyongyang on March 30, 4.9% higher than in the previous survey two weeks earlier. Similar rates were observed in Sinuiju and Hyesan.<\/p>\n
The Chinese yuan’s rate climbed even faster, trading 16.1% and 15.4% higher on March 30 in Hyesan and Sinuiju, respectively, compared to two weeks earlier.<\/p>\n
Year-on-year, the dollar exchange rate increased by 143.1% while the yuan rose 105.2% \u2013 meaning both currencies more than doubled in value against the North Korean won over the past year.<\/p>\n
With skyrocketing exchange rates, prices of imported goods in North Korean markets have also surged. Gasoline and diesel costs in Pyongyang increased by 84.3% and 100% respectively over the past year, while cooking oil and sugar \u2013 two key imports \u2013 rose by 36.6% and 116.5%.<\/p>\n
One notable exception is wheat flour, imported in large quantities from Russia. A kilogram of flour in Pyongyang cost 9,500 won on March 30, actually 7.8% lower than the 10,300 won price in late March of last year.<\/p>\n
Meanwhile, pork prices in North Korean markets have increased as the pig population has declined due to African Swine Fever, a trend unrelated to rising exchange rates or import conditions.<\/p>\n