Rising inflation is pushing up costs for companies, but it's not all bad news — Bank of America has named eight stocks that it thinks will actually benefit from higher prices.
In a recent note, the investment bank said that in addition to a strong economic recovery, rising commodity prices and supply bottlenecks had resulted in a sharp rise in inflation.
Like in the U.S., inflation in Europe has picked up in recent months, though the European Central Bank has stuck to the same line as the Federal Reserve, insisting that price pressures look "transitory."
Not everyone is convinced, however, and investors will likely continue to watch inflation data closely for some time.
With that in mind, Bank of America named several of European stocks seeing "significant positive earnings effects" from rising prices. All are buy-rated by the bank.
The stock picks include: