If, as it seems inevitable, high inflation is coming, would a high interest fixed account of 6.7% for 1 year?

on offer from some banks be a good investment? Food prices are already going up, and are forecast to go up even higher next year. There is a worldwide rush for raw materials, and China, the workshop of the world, is going to put up prices on many goods such as DIY and household goods. As we approach preparations for the Olympics, labour and material costs are expected to rise steeply in the UK. Where is a good place for savings to escape the ravages of inflation, or is it better to spend it now on getting goods while they are still cheap(er)? Is it better to buy now long-live and durable items such as electric drill, vacuum cleaner, tin food, etc. than to wait?

So far very disappointing answers. YA is not a advertising bill-board and I didn't ask for a loan, you illiterate idiot. The fact that I mentioned UK in my question (and 6.7%) should give you a clue of the context. And price inflation of goods from China is not the only factor. You can't advise people if you're not a careful reader.

If you believe that interest rates will go higher in the very near future then any fixed interest rate is a poor investment. If (as I believe) they have stablised then it's a safe gamble.

What is the rest of your financial situation? Are you working and saving for retirement for example? Where do you live? Assuming you are in a industrialized nation, then inflation is something that you need to deal with but not panic over. There are some nations that have inflation rates of >100% in their local currency, that is a unique situation. But for the normal person in an area where there is normal inflation - the best bet is to invest for the long term with a mix of cash (bank CDs, MMA), bonds and stocks. Long term stocks give the best return then bonds and then cash investments. All will typically provide a higher return than inflation. Notice I said long term. Stocks can drop over a couple year period and may since the markets have been doing well for the last few years. Note that inflation may increase from where it has been for the last few years when it has been low by historical measures but I doubt if it would increase by more than a couple % pts from where it is now before you would see significant goverment actions to bring it under control. That being said, I would suggest investing your money vs buying things in the hope that it is a good inflation hedge. Plus long term buying ahead of things will probably result in you buying things you don't need or that spoil before being used. So go with cash type investments for money you will need in the next couple of years and invest long term in a bond/stock mix to provide a higher return.

Not very suprised you don't have many answers - calling someone who gave you their time and their knowledge an illiterate idiot is disgusting.
You are an ignorant and rude idiot who doesn't deserve the (free) knowledge of people in the business.
Why don't you go and PAY a financial advisor as I'll bet that's the only way you will get your answer on here!!!

Firstly I think you are panicking a touch over inflation. Inflation is on the rise, but we aren't quite hitting African Nation levels yet. The way the Bank Of England control inflation is by raising interest rates. The markets are pricing in another quarter point rise from the bank of England. 6.7% is an excellent rate of interest and I certainly would put my money in the bank. The reason the banks are offering this "crazy" rate is because of the world wide credit crunch and their exposure to Bad American Debt that they bought on the cheap as an investment. Now the debt market is drying up because everyone is still shell shocked from the events over the past couple of weeks, banks are desperate to get cash in, hence offering this rate of interest to attract cash. Northern Rock were running out of cash a few weeks ago and Barclays had to get further liquidity from the bank of england too. So in short, don't panic the price of your daily loaf isn't going to double by the end of the year. However, I would certainly snap the banks hand off at the moment. Very rare you are going to see these kind of deals !