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Thursday, January 10, 2008

Ukraine Inflation December 2007

Ukraine's annual inflation rate accelerated to 16.6 percent in December, the fastest since 2000, on rising prices of food and fuel, the state statistics committee reported late yesterday. Ukraine's inflation rate surged from 15.2 percent in November, which was the highest in Europe for that month. Food costs increased 23.7 percent in December from a year earlier. Consumer prices rose 2.1 percent from the previous month.

Really I have very little more to say on all this that hasn't already been said in this post (or in this much longer and fuller attempt at diagnosing the Ukranian issue). Prime Minister Yulia Timoshenko said at a Cabinet meeting in Kiev that ``The government should approve a plan of anti- inflationary measures.'' But this is just the point, since at this stage noone is very clear what can be done about all this, as inflation moves from one Eastern European country to another like a stack of dry timber catching fire.