N. Korea: 100 Items, 100 Fixed Prices(still 10 times more expensive than in the past)

The North Korean authorities released the fixed prices for one hundred items on February 4th. The Daily NK, which reported on the issue at the time, has now received the full list of prices.

By announcing fixed state prices, the authorities de facto removed much of the existing market regulation, albeit that they simultaneously attempted to control prices, which had been running wild since the botched redenomination of November 30th.

On the ground in the jangmadang, The Daily NK has heard that people are selling goods for market prices, ignoring the state’s edict and avoiding the gaze of People’s Safety Agency (PSA) inspectors.

The authorities are attempting to enforce the state pricing structure via the PSA and Market Management Committees. Additionally, People’s Committees and the National Security Agency have organized so-called “Price Control Squad” to check market activities.

What follows is the full list of state prices, as of February 5th (Unit: won/kg unless otherwise stated. Where more than one price is stated, multiple sizes and/or qualities are available).

The price of rice before the currency reform was about 18~24 won in new denomination. Now it is 240 won in new denomination. Even state's imposed price is ten times more expensive than the old one. This is reportedly a little lower than going price between buyers and sellers inside or outside the market these days, according to the last report(see below.) The currency reform triggered acute hyperinflation in two months, and market control is now basically abandoned. They stopped enforcing the policy.

Before currency reform, food price in Pyongyang and Chongjin (in old denomination per kg)
Between Sept. and Nov., 2009, rice: 1800~2400 won, corn: 800~1100 won
After currency reform, rice price in Pyongyang and Chongjin (in new denomination per kg)
date		rice price in new won	contributing factor
Dec. 2009	1st ~ 9th	20~ 25	government institutes currency reform 1 new won = 100 old won
	10~15th	30~ 45	price in new currency would not settle properly, and price rises
	20~30th	50~ 60	Public Security impose ban on the use of foreign currency on Dec. 28; price rises
Jan. 2010	1st~5th	80~120	price doubled up to 100 won, rising hour by hour
	6th	130~150	workers' salaries were paid, based on pre-reform pay scale.
	8th	100~120	authorities get tough on price rise; rice price fell.
	10th	60~ 75	after temporary drop, price rises again
	13th	80~180	price skyrockets, when authorities' grip loosened
	15th	170~240	merchants holding out, expecting price rise. No goods on the market
	20th	280	people's anger at the authorities boiling up
	21st	300	authorities backs down on market control; price rises to 300 won nearly simultaneously all over N. Korea. people expect the price returns to the level in old denomination.

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Before currency reform, food price in Pyongyang and Chongjin (in old denomination per kg)

After currency reform, rice price in Pyongyang and Chongjin (in new denomination per kg)

Before currency reform, food price in Pyongyang and Chongjin
(in old denomination per kg)

After currency reform, rice price in Pyongyang and Chongjin
(in new denomination per kg)