Available evidence indicates that North Korea has experienced a dramatic spike in inflation over the past year, a development underscoring major changes in the country’s economy since the pandemic.

Data from inside the country shows that the value of forex against the DPRK won (KPW) has ballooned since Sept. 2024, while food prices have doubled or even quadrupled — certain to be a significant blow to the livelihoods of ordinary citizens.

Multiple factors have likely contributed to this rise in inflation, including the printing of money coupons during the COVID-19 crisis and a huge rise in