North Korea's food prices 'floating', food crisis is on the rise

Published Sep 13, 2021

Tridge summary

North Korean food prices surged by over 23% in 2020, as per research by the Agricultural Affairs Office of the U.S. Embassy in Seoul. The price index for 61 essential items increased by 17.2% compared to the previous year, with the food and beverage sector experiencing a significant 39.1% growth, excluding grain. The rise in food prices is not linked to a decrease in imports of crucial items from China, such as soybean oil, flour, and sugar. The stable rise in grain prices is attributed to the North Korean government's active market intervention. The article also highlights the widening regional disparity in rice prices and the severe signs of a food sector crisis since border closures due to COVID-19.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Food prices in North Korea have risen by more than 23% last year, and it has been found that there has been a lot of excitement in recent years. On the 10th, the Agricultural Affairs Office of the U.S. Embassy in Seoul hosted the ‘2021 North Korean Agriculture Roundtable’ online. Choi Ji-young, a research fellow at the Korea Institute for National Unification, said, “As a result of analyzing the market prices of 61 items consumed in North Korea by applying the price weights in 1975 in Korea, the price index in 2020 increased by an average of 17.2% compared to the previous year.” . According to research fellow Choi, the food and beverage sector rose 23.8%, leading overall prices. However, the grain sector showed relatively stable growth, rising 3.2%. Excluding grain, the growth rate of the food and beverage sector was 39.1%. Researcher Choi explained, “The rise in food prices has nothing to do with the fact that North Korea’s imports of soybean oil, flour and sugar, ...

Source: Nongmin