North Korean rice prices hit record highs despite ongoing harvest

Rice prices in North Korea reached record highs in late October 2026 despite the ongoing harvest. According to Daily NK, rice prices in Pyongyang markets rose to 51,700 North Korean won/kg on October 25, up 18.9% from two weeks earlier. In Hyesan, prices increased by 18.7% to 52,000 won/kg. For the first time since the country’s 2009 currency redenomination, rice prices exceeded 50,000 won/kg. Since the beginning of 2026, prices have nearly tripled from approximately 18,000 won/kg in January.

The sharp increase is particularly unusual because it comes during the harvest season, when new grain supplies typically help ease prices. According to local sources, farmers fear that rice production may decline compared with last year, although government agricultural agencies preliminarily expect output to remain at last year’s level. Additional uncertainty comes from the country’s mandatory state grain procurement system. Collective farm workers report that the state is increasing the amount of grain it collects, potentially reducing the volumes available for distribution among producers and sale on the domestic market.

Concerns over future grain availability are prompting households and traders to stockpile rice, adding further upward pressure on prices. Meanwhile, the corn market remains relatively stable thanks to new-crop arrivals. As of October 25, corn prices in Pyongyang stood at 15,100 won/kg, up just 2% over two weeks. In the border city of Sinuiju, corn was priced at 15,300 won/kg, also increasing by approximately 2%. As a result, rice prices are rising much faster than corn prices, reflecting different supply conditions for the country’s main staple crops.

A sharp increase in fuel prices has added further pressure on the agricultural sector, raising costs for farm machinery operations and grain transportation. According to Daily NK, gasoline prices in Pyongyang jumped 25.6% over two weeks to 98,200 won/kg, while diesel prices surged 27.1% to 87,800 won/kg. Market participants attribute the increases to seasonal demand during the harvest and a slight reduction in fuel imports. High fuel prices are expected to persist at least until the autumn harvesting campaign is completed.

Future developments in North Korea’s grain market will depend on actual harvest volumes, government grain distribution policies and the availability of food stocks. Meanwhile, concerns are growing over a potential decline in rice availability during the winter months. Additional risks are emerging for rural farms that obtained private financing against future harvests and may now struggle to repay grain-denominated loans. If concerns about insufficient supplies prove justified, rice prices could remain elevated even after the harvest ends, increasing risks to the country’s food security.

Tags: rice, North Korea