South Africa is fighting to have a steady and economically viable inflation rate because of the economic factors of a cost-push and structural nature.The South African economy suffered from volatile inflation,low growth,and low employment creation,which are all elements that make part of the mandate of monetary policy.The study takes another approach of testing the efficiency of the monetary policy by checking how the monetary policy reach its goals controlling inflationThis research investigated the consequences of the official interest rate,broad money supply,the exchange rate,government debt,and government revenue on CPI inflation.A long-and short-run relationships test between the variables mentioned above were conducted from a period of 2001 to 2019.The research further establishes the causal direction between the variables under study.Accordingly,the research used numerous econometric models,including the Autoregressive Distributed Lag（ARDL）model,the standard ARDL bounds test to cointegration,the Error Correction Model,and Toda-Yamamoto granger non-causality test.Moreover,the study made use of a quantitative analysis plan.It included time series,macro-economic variables such as consumer price inflation,gross domestic product,the repo rate,broad money supply,the nominal effective exchange rate,government debt,and government revenue,quarterly from 2001 to 2019.By using the unit root and stationarity tests,the study discovered that all the variables under study constituted of variables that are stationary at either I（0）or I（1）,with none of the variables stationary at I（2）.This permitted the ARDL model to be used,which gave results that showed that the South African economy is consistent with cost-push and structural inflation,which is the cause of inefficiency in the realization of the objectives of monetary policy as it takes roughly 7.63 quarters for developments in monetary policy to affect the economy.Both long-and short-run relationships exist among independent and dependent variables.The study further performed the Toda-Yamamoto Granger non-causality analysis and discovered that variables such as government revenue and government debt have a short-run impact on consumer price inflation,supporting the existence of structural and cost-push inflation in the South African economy.Equally as necessary,the results of the residual and stability diagnostic tests,which were performed the study models,none are serially correlated nor heteroscedastic and are both stable This,in turn,ensured that the results of the study are not inaccurate or misleading.