With consumer price inflation running at only 1.2 percent, now isn't the time to build an investment portfolio based on rising prices.

But The Wall Street Journal's Joe Light put together a list of investments "that are good ideas in and of themselves and will provide protection if prices spike," he wrote in the paper.

First, Light cites I Savings Bonds, which you buy directly from the government at TreasuryDirect.gov. These bonds provide a fixed interest rate, right now at 0.2 percent, plus an adjustable rate linked to inflation. The total interest rate is currently 1.38 percent.

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Stocks act as something of an inflation hedge, as rising prices should help boost corporate earnings, Gary Thayer, chief macro strategist at Wells Fargo Advisors, tells Light.

Materials and energy stocks have especially proven to do well when prices ascend, Light explains.

"If you already are planning to buy a home, do it soon. Over very long periods, home prices tend to keep up with inflation," he adds.

Inflation could help homeowners with fixed-rate mortgages, boosting their wages while their mortgage payments remain unchanged, Keith Gumbinger, vice president of HSH.com, a mortgage-information website, tells The Journal.

Meanwhile, some Federal Reserve officials are expressing concern about the inability of inflation to rise to the central bank's 2 percent target.

"Most people are assuming it's temporary, but the longer we continue to not see it move back to the 2 percent goal, the more we have to be concerned that there are things going on that we have not fully incorporated in the model," Boston Fed President Eric Rosengren tells Reuters.

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