Commodities are the go to asset class for inflation hedging and positive relative returns during periods of high inflation.
But it is not the only one that can help you do that.
Source: Vanguard 2023 Market Outlook
Short-term TIPS has an inflation beta closer to one, providing considerable inflation protection. International equities provide a better inflation hedge due to higher proportion of industrials and materials stocks in the main indices.
Amongst equities, sectors and stocks with cash flow stability, and a growing stream of dividends have outperformed lately. Since a lot of them are components in the value indices, value has outperformed growth in 2022, and is expected to maintain its lead in the near-term.