Besides the short answer, which is "yes", here are some numbers related to the period.
The cost of 1 US dollar in Ukrainian money (karbovanets, krb.) by year:
| 1992 | 1993 | 1994 | 1995 |
|---|---|---|---|
| 208 krb. | 4539 krb. | 31 700 krb. | 147 463 krb. |
Sources: wiki
Avg salary, country-wide:
| 1992 | 1993 | 1994 | 1995 |
|---|---|---|---|
| 1523 krb. | 14 204 krb. | 745 523 krb. | 3 208 000 krb. |
Sources: government statistics Service's plot
A loaf of bread:
| 1992 | 1993 | 1994 | 1995 |
|---|---|---|---|
| 1.5 krb. | 33 krb. | 2000 krb. | 15 900 krb. |
Sources: government statistics Service's plot
Odessa bazaar ("privoz") prices at 11.11.1994:
boiled sausage: 60-100 thousand krb./kilo,
semi-smoked sausage: 180-250 thousand krb.,
lard: 100 thousand krb./kilo
potatoes: 25 thousand krb./kilo
lamb: 65 thousand krb./kilo
pork: 260 thousand krb./kilo
turkey, whole: 100 thousand krb.
bread "has risen in price": 15-20 thousand
Sources: "Izvestia" newspaper #217(24324)
And now about teachers.
As of 26.10.1994, First category teacher rate is 550 thousand krb. in Zaporozhye region and 850 thousand krb/month in the capital.
Sources: "Today" newspaper, 26.10.1994
As of 08.02.1995, state employees (teachers, kindergarten teachers) still have about 500-600 thousand krb. in general, but here the paper provides the the equivalent in dollars. And it's $3-4. Not 34, just 3-4.
Sources: "Today" newspaper, 08.02.1995
The paper admitted, that not only to live, but also to die with dignity was impossible for 3$. So, people were looking for another ways to "riches", like the character in your book. Yeah, the 90s period after gaining independence was a total disaster for CIS countries. And thanks for the question, it was quite a time-travel, shaking the dust off the story.