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Skyrocketing inflation in North Korea: Banana costs over 3K, Tea & Coffee 5 & 7K rs

webdunia
Tuesday, 22 June 2021 (14:51 IST)
Just a week after North Korea's dictator leader Kim Jong Un warned about the food shortage, the Asian country is grappling under severe inflation especially of food prices.

According to the reports, Many necessary foodstuffs is being sold at skyrocketing prices in the capital city Pyongyang. For instance, Tea is being sold at over 5 thousand rupees while bananas are being sold at 3 thousand rupees, Coffee is being sold at over 7 thousand rupees as per indian currency.

Earlier Kim had warned extreme weather, the coronavirus pandemic and being cut off from Chinese trade could lead to another food crisis in North Korea.
 
North Korea's leader Kim Jong Un told the plenary meeting of the Workers' Party of Korea that the country could face a "tense" food situation due to floods triggered by typhoons , the state-run KCNA news outlet reported. 
 
What did Kim Jong Un say?
 
"The people's food situation is now getting tense as the agricultural sector failed to fulfill its grain production plan due to the damage by typhoon last year," Kim said during the meeting of the Workers' Party's central committee.
 
The North Korean leader called on senior officials to find ways to boost agricultural production. 
In the 1990s, a major famine killed thousands of North Koreans.
 
Coronavirus also causing North Korea's food shortages 
 
The coronavirus pandemic has also exacerbated North Korea's food crisis, as the country's border with China is closed to prevent the spread of infection. China is North Korea's top trading partner.
 
Kim reportedly told party members that he would extend lockdown restrictions due to the  "prolonged nature" of the pandemic. 
 
North Korean leadership has previously claimed the country has had zero coronavirus cases, but experts say this is likely false.  
 
North Korea has poor medical infrastructure and a shortage of medicines, and analysts say an outbreak would wreak havoc on the country. 
 
During a huge military parade in Pyongyang last year, Kim apologized to the North Korean people for not adequately handling national challenges such as the pandemic.
 
Economy improves but sanctions remain
 
In regards to the North Korean economy, total industrial output increased by 25% over the same period last year, the KCNA reported.
 
Yet the country continues to struggle under sanctions imposed by the United States and United Nations over its controversial nuclear and ballistic missile programs. 
 
Kim called on party officials to discuss how the country should deal with the "current international situation" during the plenary meeting. 
 
North Korean negotiators met with US representatives during former President Donald Trump's administration to discuss the lifting of sanctions in exchange for denuclearization.
 
Trump and Kim Jong Un met for two summits in Singapore and Vietnam in 2018 and 2019, although no concrete deal was achieved.
 
President Joe Biden also said his administration wants North Korea to pursue a path to denuclearization, but added he would not meet Kim without preconditions.(AP, Reuters)


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