Steve Hanke(@steve_hanke):South Africa’s inflation came in at 4.4%/yr in August. Money supply (M2) is growing at 7.3%/yr, ABOVE Hanke’s Golden Growth Rate range of 4.3-6.3%/yr, a range consistent with South Africa’s inflation target of 2-4%/yr. THE INFLATION STORY = A MONEY SUPPLY STORY.

Steve Hanke

@steve_hanke

Professor of Applied Economics @JohnsHopkins | Senior Contributing Columnist @Fortune | FX & Commodity Trader | Reagan White House | Views are my own

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Steve Hanke@steve_hanke

2026.09.24 10:04

South Africa’s inflation came in at 4.4%/yr in August. Money supply (M2) is growing at 7.3%/yr, ABOVE Hanke’s Golden Growth Rate range of 4.3-6.3%/yr, a range consistent with South Africa’s inflation target of 2-4%/yr. THE INFLATION STORY = A MONEY SUPPLY STORY.

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