Inflation crisis for Ukraine

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The karbovanets, Ukraine's currency, has fallen to 24,100 to the dollar from 12,000 a month ago, writes Julian Nundy from Moscow. The plunge to this new low on Thursday, compared with 17,000 karbovanets a day earlier, adds to the daily litany of catastrophic economic news. Inflation rages at up to 70 per cent a month and salaries are constantly readjusted to match. The government has authorised a series of price rises of between 300 and 500 per cent, especially of subsidised food.