For a number of reasons, the high and increasing prices of energy, food, medical care, some commodities, and many foreign goods, for instance, it may be appropriate to prepare one's nest egg for the possibility we are facing a few years of relatively higher inflation than we have been used to lately.
There is, of course, the prospect that instead a domestic slump in housing prices could lead the U.S. economy into recession, which might then result in some disinflation. But, unless we fall into a full depression, long-term moderately or greater rising prices seem the more likely and persistent eventuality to me. A small amount of inflation can be a boon, aiding the rise of both home and stock prices, but if it should go up above around 3% a year, stocks and bonds often react with falling market values. In the short run, it seems the Federal Reserve is inclined to lower interest rates in response to a credit squeeze and the current weakness in housing. But beyond a certain threshold, further fed action may itself tend to be inflationary, weakening the dollar plus encouraging additional speculative borrowing and lending.
I generally prefer to invest, year in and year out, in value stocks or mutual funds rather than trying to time the market. These have in the past weathered most economic and equity storms well. But supposing one were interested in a bit of safeguarding against the negative effects that inflation might have on one's portfolio, what means are available for the purpose?