1. Stocks
The national average interest rate for a savings account is less than 1%. When inflation is increasing at a rate of 8% in the US, you are losing money by keeping it there. The stock market index has returned a historic annualized average return of around 10.5%. Investing in stocks over a long period of time can protect you from increasing costs over the years.
2. TIPS
TIPS (Treasury Inflation-Protected Securities) These are government bonds that mirror the rise and fall of inflation. The price of these investments, move with the consumer price index, protecting against unexpected inflation spikes.
3. Gold ETFs
Gold has kept its value over decades and has historically been an excellent hedge against inflation because its price tends to rise when the cost of living increases.
4. Commodity ETFs
Prices of raw materials like oil, metals and agricultural products will most likely increase with inflation. However they are highly dependent on supply and demand so they can be risky investment.