Although these price measures are based on many of the same individual price indexes included in the CPI, they do not suffer from upper-level substitution bias. Hence, the price mismeasurement revealed by this data system largely reflects shortcomings in quality adjustment and in the treatment of new goods and services.
If you turn to our Quarterly Bulletin, where you will find comprehensive statistics on monetary aggregates or money supply, you will see that M3 – which is a broad measure of money, including all bank deposits and money market shares – was R4.72 trillion at the end of 2022.