| Variable | ADF test value | The critical value at the 1% level | The critical value at the 5% level | The critical value at the 10% level | P values | Conclusion |
| CPI | −11.21752 | −3.480038 | −2.883239 | −2.578420 | 0.0000 | Non-stationary |
| M0 | −9.797663 | −3.484653 | −2.885249 | −2.579491 | 0.0000 | Non-stationary |
| M1 | −13.92312 | −3.480038 | −2.578420 | −2.578420 | 0.0000 | Non-stationary |
| M2 | −3.258272 | −3.484653 | −2.885249 | −2.579491 | 0.0191 | Non-stationary |