North Korean market prices, which had nearly doubled since early February 2026, showed signs of easing in late April, according to Daily NK’s latest market monitoring data. Analysts say the slowdown reflects a collapse in purchasing power among ordinary North Koreans rather than any improvement in supply.
Grain prices edge lower across monitored markets
Daily NK, which conducts regular surveys of North Korean market conditions through a network of in-country sources, recorded a rice price of 31,000 North Korean won per kilogram at a Pyongyang market as of April 26, down about 1% from 31,300 won on April 12. Markets in Sinuiju, North Pyongan province, and Hyesan, Ryanggang province, recorded prices of 31,100 won and 31,300 won per kilogram respectively, each falling roughly 1% and 0.6% over the same two-week period.
The decline follows a sustained surge that began in early February, when the average rice price stood at approximately 15,133 won per kilogram. By April 12, prices had reached an average of 31,400 won, a rise of 107.5% in just over two months.
Corn prices fell more sharply than rice over the same period. At a Pyongyang market, corn dropped from 9,700 won per kilogram on April 12 to 8,700 won on April 26, a decline of about 10.3%. Markets in Sinuiju and Hyesan recorded corn prices of 8,610 won and 8,900 won per kilogram respectively, each down roughly 9% to 10% from two weeks prior. Analysts note that corn, as a lower-cost staple consumed by poorer households, tends to reflect demand-side pressures more acutely than rice.
Exchange rates and imported goods also soften
Foreign currency exchange rates tracked in the same markets also moved lower. The informal won-to-dollar rate at a Pyongyang market stood at 69,120 won on April 26, down approximately 1.4% from two weeks earlier. Markets in Sinuiju and Hyesan posted rates in the 69,000-won range, reflecting a similar modest decline. The won-to-yuan rate across all three monitored locations fell by approximately 2.4% over the same period.
For context, in early February the average informal dollar and yuan exchange rates stood at approximately 35,720 won and 5,016 won respectively. By mid-April, those figures had surged 96.3% and 65.9% from their February baselines before the recent pullback.
The easing in exchange rates translated into modest price reductions for some imported goods. As of April 26, gasoline and diesel at a Pyongyang market were priced at 76,200 won and 72,100 won per kilogram, down 1.9% and 0.7% from the prior survey. Cooking oil, sugar, and flour came in at 83,100 won, 82,800 won, and 32,600 won per kilogram respectively, down 1.2%, 1.3%, and 2.7% over the same two weeks.
The current easing may be driven by demand contraction rather than supply-side improvement. The rapid price increases of recent months appear to have eroded real purchasing power to the point where market consumption has weakened, relieving upward pressure on prices. Whether the trend holds over the longer term remains to be seen.
Reporting from inside North Korea
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April 30, 2026 at 06:50PM
by DailyNK(North Korean Media)