Altria Group has recently been second in market share for tobacco products. Chris Goodney/Bloomberg

Inflation has been a top concern for investors. But by looking in the right places—such as consumer staples—investors can find stocks that could benefit from higher prices.

Inflation expectations for the decade ahead have jumped to 2.3% from 1.6% at the end of September, according to St. Louis Fed data. The worry—which has already come to fruition—is that interest rates will surge. That makes stocks less attractive and weighs on valuations. Plus, the rising cost for companies to buy raw materials

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