Inflation is a subject that, until recently, has gotten comparatively less interest from investors than others. That is largely because during the past 30 to 40 years, inflation has been on a downward and moderate trend and tracked around the expected 2 percent rate in the United States and at generally moderate levels globally. Economic growth, meanwhile, has also been on an upward trajectory during this time, albeit with some significant volatility at certain points, and a Goldilocks environment largely had been in place during these years. This is why during those years inflation has not been a concern we hear too much about from many investors, but those who experienced the economic shocks and inflation of the 1970s know the risks. In 2021, the inflation rate as measured by the U.S. Bureau of Labor Statistics reached 7 percent, and in the first month of 2022, it has increased by 7.5 percent compared to January 2021.

Concerns that we could be returning to a more permanent