Many economies are currently experiencing high inflation rates after recovering from the COVID pandemic in 2020. For example, the US records an annualized inflation rate of 9.1% during the June quarter of 2022, the highest in three decades. Similarly, Australia recently experiences a record-high inflation rate of7.8% for the December quarter of 2022, and a slightly mild rate of 7% for the April quarter of 2023. There are several factors that contribute to the rise in inflation. They include stronger demands for goods and services after the recovery, increases in energy costs, geographical tensions and war, and bottlenecks in global supply chains. From an investor's perspective, discuss whether stocks and bonds are a good hedge against higher inflation. Among stocks, what characteristics (or types) of stocks are preferable in the presence of higher inflation?

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