Rice prices in North Korea climbed to their highest level since the country’s 2009 currency redenomination in mid-August 2026, according to Daily NK’s latest market survey. Corn prices, a staple for low income households, rose even faster over the same period.
North Korea carried out a currency redenomination in 2009 that stripped two zeros from its currency and wiped out much of the population’s savings overnight. The event remains a common benchmark for measuring how far prices have climbed since.
According to Daily NK’s regular survey of North Korean market prices, one kilogram of domestically produced rice sold for 46,000 North Korean won in a Pyongyang market as of Aug. 16. That was up about 4% from the price recorded on Aug. 1.
Similar increases were reported in other regions, including Sinuiju, in North Pyongan province, and Hyesan, in Ryanggang province. In Hyesan’s market, rice sold for 47,200 won per kilogram, a 3.7% rise from the previous survey. It was the first time the price has topped 47,000 won per kilogram since the 2009 currency reform.
Rice in North Korean markets cost about 18,000 won per kilogram at the start of the year. That means the price has climbed roughly 160%, or 2.6 times, in just eight months.
Corn prices climbing even faster than rice
Corn, widely consumed by low income households as a cheaper substitute for rice, has climbed even more sharply than rice in recent weeks.
One kilogram of corn sold for 17,500 won in a Pyongyang market as of Aug. 16. That was a 15.1% jump from the survey conducted two weeks earlier. In Hyesan, corn prices rose 16.3% over the same period, reaching 17,800 won per kilogram.
Corn cost around 4,800 won per kilogram at the beginning of the year, meaning prices have more than tripled since then. Based on Hyesan market data, corn prices have risen about 271%, or 3.7 times, since the start of the year.
The sharp rise appears to stem from a seasonal decline in supply combined with a poor harvest this year. Stockpiles of grain from last year’s harvest are gradually running out, and this year’s corn crop has fallen short of expectations. That has reduced the amount reaching markets and pushed prices higher.
With corn, normally a cheaper substitute for rice, also climbing sharply, the burden on low income households has intensified. When rice prices rise, North Korean people typically turn to corn and other alternative grains. But with corn prices surging as well, their food options are narrowing further.
Foreign currency exchange rates in North Korea’s markets are also diverging, with the Chinese yuan and the U.S. dollar moving in different directions. The yuan’s exchange rate has risen by double digits and hit a record high. The dollar’s rate, meanwhile, has posted only a slight increase, suggesting its recent rapid climb has slowed.
As of Aug. 16, the market exchange rate for the yuan, worth about $0.14, stood at 14,140 North Korean won in Sinuiju. That was up 15.4% from the rate recorded on Aug. 1. In Hyesan, the exchange rate that same day was 14,130 won per yuan, a 15.5% increase from two weeks earlier.
By contrast, the market exchange rate for the U.S. dollar in Pyongyang was 67,500 won, only 400 won higher than on Aug. 1. The dollar’s rapid rise has cooled just as the yuan’s value has climbed quickly, causing the two currencies to move in different directions.
North Korea relies heavily on trade with China, so a rising yuan could push up the cost of importing Chinese food, daily necessities and raw materials. Staple food prices are already soaring, and the yuan is appreciating quickly. The financial strain North Korean people feel in daily life is expected to grow in the coming period.
Reporting from inside North Korea
Daily NK operates networks of sources inside North Korea who document events in real-time and transmit information through secure channels. Unlike reporting based on state media, satellite imagery, or defector accounts from years past, our journalism comes directly from people currently living under the regime. We verify reports through multiple independent sources and cross-reference details before publication.
Our sources remain anonymous because contact with foreign media is treated as a capital offense in North Korea — discovery means imprisonment or execution. This network-based approach allows Daily NK to report on developments other outlets cannot access: market trends, policy implementation, public sentiment, and daily realities that never appear in official narratives.
Maintaining these secure communication channels and protecting source identities requires specialized protocols and constant vigilance. Daily NK serves as a bridge between North Koreans and the outside world, documenting what’s happening inside one of the world’s most closed societies.
August 20, 2026 at 04:10PM
by DailyNK(North Korean Media)