The prices of daily necessities in North Korea is evaluated to be rapidly increasing due to the prolonged border lockdown to resist the spread of Coronavirus, the Unification Ministry in Seoul said on Monday. Lockdown has been imposed in the North Korea since last year, which has affected it's economy, according to Yonhap News Agency.
Price hike in North Korea | Key points
1. Chronic food shortages in North Korea: "North Korea is experiencing chronic food shortages with around 1 million tons of foods falling short every year," Ministry spokesperson Lee Jong-joo said in a press briefing.
2. Since the borders are sealed in North korea for a long time, it's been difficult for the country to secure food from abroad, Lee further said.
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3. "Though we do have limits in having access to accurate information, the government's estimation is that the volatility of foods and necessities prices is growing (in North Korea) and some items are witnessing a rapid price hike," Ministry spokesperson Lee, also added.
4. In November N.Korea thought of opening it's border with china, as estimated by South Korea's spy agency, but the plan delayed due to the spread of the newly found Omicron variant of Covid19.
5. However, as per the experts, due to the better weather conditions North korea's crop production could improve this year. Lee further clarified that government will continue monitoring the country's situation and necessary steps will be taken depending on the need for a humanitarian cooperation.
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