Until now, Fed Chairman Ben Bernanke has indicated that inflation appears to be under control here in the U.S. and recent spikes in commodity prices are only temporary. But a group of panelists who spoke with CNBC disagreed and suggested that investors, particular those at or near retirement, start planning now to ensure higher costs don't eat away at their savings.
"One of the things Boomers have to do is own the trade. If energy is more expensive, they probably should have a larger portion of that in their portfolio. If they're concerned about food being more expensive, the same," says senior portfolio manager Frank Troise, who oversees the Soho Global Value Fund.
Troise suggests investors buy the SPDR Energy Select exchange traded fund and SPDR Gold Trust, the largest precious metal ETF.