Can US inflation be hedged?

Daily update

US July consumer price inflation is due. The details will show more of the April trade taxes seeping into consumer prices—although a 10% tariff equates to around a 4% consumer price increase, and service prices should be largely unaffected. This data is less reliable than that released just six months ago—not because of political bias, but because funding cuts mean fewer price points are measured.
Hedging this inflation might become more difficult. Some people think of gold as an inflation hedge—whether true or not, as things stand the spending power of US physical gold buyers was hit by 10% trade taxes. Inflation-protected government bonds offer protection not from inflation, but from what the Bureau of Labor Statistics says inflation is. That requires investors to have faith in the political independence of statistics (US President Trump’s nominee to lead the BLS may not enhance that faith).
Trump retreated from today’s deadline for higher trade taxes in imports from China. Markets expected this.
UK labor market data erred toward a little more strength than expected—with rising participation. Wage growth was steady. The British Retail Consortium’s retail sales data suggested that money is being spent, with reasonable growth in real spending on non-food items.