South Africa’s inflation came in at 4.5%/yr in Sep. That's above SA's target.
Money supply (M2) is growing at 8.1%/yr, ABOVE Hanke’s Golden Growth Rate range of 4.3-6.3%/yr, a range consistent with SA’s inflation target of 2%/yr-4%/yr.
INFLATION STORY = A MONEY SUPPLY STORY.