{"id":5278,"date":"2021-06-16T10:36:39","date_gmt":"2021-06-16T01:36:39","guid":{"rendered":"https:\/\/www.02.asiapress.org\/rimjin-gang\/?p=5278"},"modified":"2022-01-24T15:23:43","modified_gmt":"2022-01-24T06:23:43","slug":"konran","status":"publish","type":"post","link":"https:\/\/www.02.asiapress.org\/rimjin-gang\/2021\/06\/society-economy\/konran\/","title":{"rendered":"\uff1cInside N. Korea\uff1e Soaring Food Prices Cause Market Chaos: Elderly and Poor Starve as Price of Corn More Than Doubles"},"content":{"rendered":"
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(Photo) Hyesan Market in the evening. Photographed in mid-September 2014 by ASIAPRESS. The market is currently deserted due to sluggish business.<\/p><\/div>\n

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Grain prices have soared in markets across North Korea, causing major market disruptions.<\/p>\n

On June 15, ASIAPRESS conducted a market investigation in the northern regions of North Hamkyung Province, Ryanggang Province and North Pyongan Province. The market prices in the three locations were similar, but with a slight difference. The average price and the prevailing exchange rate of the won for the RMB and the U.S. dollar were as follows: white rice prices increased by 1.7 times, and corn prices increased by 2.4 times compared to May 28, while the RMB fell by 40%. \u203bFood is priced in Korean won per kilogram.<\/p>\n

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\u3007White Rice
\n4200 (May 28) \u2192 4900\uff08June 8\uff09\u2192 7000\uff08June 15\uff09<\/p>\n

\u3007Corn
\n2200\uff08May 28\uff09\u2192 2800\uff08June 8\uff09\u21925300\uff08June 15\uff09<\/p>\n

\u30071 RMB (= 0.156 USD)
\n970\uff08May 28\uff09\u2192670\uff08June 8\uff09\u2192590\uff08June 15\uff09<\/p>\n

 <\/p>\n

What is noteworthy is that the sudden plunge in the value of the RMB and the U.S. dollar on June 4 was the beginning of a surge in prices. In addition, the rise of food prices in RMB is unusual. For example, calculated in US dollars, the cost of white rice on June 15 was about 1.87 USD, and the price of corn was about 1.41 USD, an unusually high price.<\/p>\n

\u25c6 The authorities are not controlling prices<\/h2>\n

Last year, when imports from China came to a near halt in response to the coronavirus and price increases, the North Korean authorities, extremely wary of inflation, set a ceiling price for grain sales in the market and took strong intervention and control measures, including confiscating the rice of traders who did not comply. However, as of March 15, the authorities seem to be sitting on the sidelines.<\/p>\n

\u201cThe authorities are just sitting on their hands and have not taken any action to control prices,\u201d <\/strong>said our reporting partners.<\/p>\n

\u25c6What is the cause of the soaring food prices?<\/h2>\n

So, what is the cause of the extraordinary rise in food prices? ASIAPRESS reporting partners gave the following opinions on the matter.<\/p>\n