We perform a test of the inflation hedging properties of commodities on the longest data series ever used for this … purpose. We apply wavelet analysis to commodity prices and inflation data from the United Kingdom for the years 1265 through … 2017, to detect co-movement across different times and frequencies. We demonstrate robust inflation hedging properties of …

returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the … the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized …