Source: Daily NK

Rice and corn prices in North Korean markets have surged to historic highs in 2026, driven by the sharp depreciation of the won against the U.S. dollar, which has pushed up the cost of imported goods and intensified a food security crisis that may arrive earlier than the usual spring lean season.

According to Daily NK’s regular market survey, a kilogram of rice in Pyongyang cost 24,700 won on March 15, up 25.4% from March 1. Over six weeks, rice prices rose 64%, while corn reached 8,000 won per kilogram — the highest post-2009 currency reform level.

Experts attribute the spike in grain prices to falling currency value, depleted food stocks, and the seasonal shortage before the spring harvest. The price surge is particularly concerning for low-income households, for whom corn is a staple food.

The won-dollar exchange rate hit a record 51,300 won per dollar on March 15, a 43.7% increase since early February. Rising yuan rates have also pushed up import costs for goods such as cooking oil, sugar, and flour, which rose 19–20% over a two-week period.

Analysts note that the resumption of passenger train and air services between China and North Korea has boosted demand for foreign currency. While it has not yet directly impacted market prices, the transport revival symbolizes the beginning of restored economic and trade ties, which may gradually affect markets and logistics, especially in border regions.

Published Date: March 20, 2026