Since 1943, it appears the M2 money supply has been a leading indicator for inflation. When the M2 yearly growth rate moved above 13%, there was a three to four year delay before inflation moved up within 1.1% of, or above, the M2 growth rate.
M2 Monty Supply Growth vs. Inflation Chart
Source: Longtermtrends
| M2 yearly growth rate | Subsequent Inflation rate | |
| 1 | December 31, 1943 – 17.46% | February 28, 1947 – 19.67% |
| 2 | June 30, 1971 – 13.44% | November 30, 1974 – 12.34% |
| 3 | January 31, 1976 -13.81% | February 28, 1980 – 14.76% |
| 4 | January 31, 2021 – 26.89% | 25+% as early as 2024? |