This page shows the historical average quarterly returns by major global asset classes under different high inflation environments since 1991. The top chart shows the asset class returns during periods when inflation was above the median and rising, while the bottom chart shows the returns during periods when inflation was above the median and falling. The asset classes that outperform when inflation is high and rising vs. when they are high and falling can vary. With investors increasingly concerned on how persistent the recent high inflation levels are, it is important to recognize these asset class differences in order to make an informed asset allocation decision.