North Korean rice prices top 50,000 won for first time

Rice prices in North Korea broke the 50,000 North Korean won per kilogram mark for the first time in late October 2026. This record occurred as farms across the country are bringing in the autumn harvest. Fears of a smaller rice crop seem to be driving North Korean families and traders to hoard grain, causing prices to rise when they typically would decrease.

A kilogram of rice sold for 51,700 won in Pyongyang on October 25, according to Daily NK's regular market price survey – an 18.9% increase from 43,500 won on October 11. Rice prices climbed at a similar rate in other regions. In Hyesan, Ryanggang province, a kilogram of rice fetched 52,000 won on the same day, an 18.7% increase from 43,800 won in the previous survey.

This is the first time rice has crossed the 50,000 won threshold since North Korea's 2009 currency redenomination. Since that November 2009 reform, rice prices have nearly tripled, reaching roughly 47,000 won in August. The surge in rice prices is notable as harvesting and threshing are now in full swing nationwide. Farm workers and city workers are bringing in the crop across North Korea.

However, many farm workers believe this year's harvest will be smaller than last year's, as the state procurement quota is increasing while production remains stagnant. Private moneylenders are also worried about the harvest, as they lend money to farms and individual farmers in the spring, expecting repayment in grain during the autumn harvest.

With rural North Koreans anticipating a lean year, more households are trying to store extra rice, contributing to the rising prices during the harvest itself. Corn prices have risen far more slowly than rice prices over the same period, with a kilogram of corn selling for 15,100 won in Pyongyang on October 25, a 2.0% increase. In Sinuiju, North Pyongan province, corn sold for 15,300 won, a 2% increase.

The U.S. dollar and Chinese yuan exchanged at different rates in border cities over the same two weeks. The dollar weakened slightly against the won, while the yuan surged more than 10%. This shift appears to be linked to hopes for increased North Korea-China trade following the opening of the New Yalu River Bridge on October 15.

The bridge, which links Sinuiju with the Chinese border city of Dandong, had been unused for over a decade due to sanctions, the COVID-19 pandemic, and strained relations between Pyongyang and Beijing. Traders and money lenders in the border region are reportedly buying yuan to prepare for future trade deals. The new bridge and Kim Jong Un's recent visit to China may lead to easier trade and imported goods like used cars and machinery, but the extent of these changes remains uncertain.