Historically, market prices in North Korea (as reported by Daily NK) have tended to remain surprisingly stable throughout many periods of tension and crisis. At times, while the rest of the world has seemed to be running for the bomb shelters, market prices in North Korea have barely moved, suggesting a lack of belief within North Korea that sanctions will be implemented or that imports will get restricted as a result of the tensions.
This time, it’s different.
While DailyNK’s market price database has not been updated since August 4, news reports from inside North Korea suggest prices are much higher than they normally would be, as a result of news of added sanctions and an embargo on fuel sales to the country. Corn prices, for example, are reported to be 42 percent higher than what is normal at this time of year. The story here is that news of China’s participation in the sanctions regime give cause for worry on the ground, as is the bad harvest season.