Null Hypothesis:

Observations

F-Statistic

Money Supply does not Granger Cause inflation

140

6.3794***

Inflation does not Granger Cause money supply

2.2681

Real GDP does not Granger Cause inflation

140

2.9881**

Inflation does not Granger Cause Real GDP

0.3601

Interest rate does not Granger Cause Inflation

140

3.8017***

Inflation does not Granger Cause interest rate

0.1829

Fiscal deficit financing does not Granger Cause inflation

140

3.2186**

Inflation does not Granger Cause Fiscal deficit financing

0.0983

Exchange rate depreciation does not Granger Cause inflation

140

2.1505**

Inflation does not Granger Cause exchange rate depreciation

0.2071