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This empirical study examines the long-run relationship between inflation and its determinants in South Africa. Three models of inflation involving money supply, bank credit and expenditure components are tested using the unrestricted error correction models of Pesaran et al. (2001). Unlike other existing studies on the subject, one of the models in the present study considers various components of real income as determinants. The disaggregated components are final consumption expenditure,doi:10.4102/sajems.v11i2.310 fatcat:tz6x6sreifglnovvdrgnxpso5u