Inflation shows signs of accelerating as the economy reaches full employment and the Federal Reserve maintains interest rates near record lows for the eighth straight year.

The personal consumption expenditures index, which is the central bank’s preferred gauge of measuring price changes, rose in January. Core consumer price measures that exclude food and energy costs were more than the Fed's target of 2 percent last month.

A rebound in oil prices to more than $40 a barrel from 13-year lows pushed some measures of inflation higher. The U.S. economy added 242,000 jobs in February, more than Wall Street’s estimate of 194,000, as the unemployment rate was unchanged at 4.9 percent, according to the Bureau of Labor Statistics.

More jobs and higher wages generally usually lead to more spending on discretionary items, driving prices upward. In this price environment, Zacks Investment Research recommends five mutual funds to cope with rising inflation, according to a Seeking Alpha post.

5 Inflation-Protected Mutual Funds to Buy Now

1. JPMorgan Inflation Managed Bond A (JIMAX) seeks to maximize inflation-protected total return. JIMAX normally invests a major portion of its "Assets" in bonds. JIMAX's year-to-date and 5-year annualized returns are 1.4% and 1.2%, respectively.
2. AI US Inflation-Protected A (FNIHX) invests a large portion of its assets in inflation-indexed securities that are denominated in U.S. dollars. FNIHX's year-to-date and 5-year annualized returns are 2.8% and 1.9%, respectively.
3. American Century Inflation Adjusted Bond A (AIAVX) invests a major portion of its assets in inflation-adjusted debt securities. AIAVX's year-to-date and 5-year annualized returns are 2.9% and 1.7%, respectively.
4. Federated Real Return Bond A (RRFAX) pursues its investment objective by investing primarily in investment-grade, inflation-indexed bonds issued by the U.S. government. RRFAX's year-to-date and 5-year annualized returns are 1.3% and 0.4%, respectively.
5. Fidelity Series Inflation-Protected Bond Index (FSIPX) invests the majority of its assets in inflation-protected debt securities included in the Barclays U.S. 1-10 Year Treasury Inflation-Protected Securities Index.

Source: Zacks Investment Research