Which assets protect against inflation?

Inflation is currently very low (we look at the United States and the euro zone), but there is high uncertainty over the level of inflation in the future: there is talk of deflation, but also of a return of inflation for various reasons. Against this backdrop, what can an investor do if they want to protect against inflation? Which assets protect against inflation, beyond those explicitly linked to it (inflation-indexed bonds)? We look at the correlation at different horizons between inflation on the one hand and returns on bonds, equities and real estate on the other. We find that protection against inflation is provided by: In the euro zone, equities and real estate at all horizons; In the United States, only bonds at a very long horizon .