Shares of Air Products and Chemicals (NYSE: APD) have been a great inflation hedge over the last year. Prices for everything from energy to manufacturing materials have soared, but Air Products has been able to offset higher input costs and keep profitability rising steadily. This top supplier to the manufacturing sector (including the semiconductor industry) and developer of natural gas, hydrogen, and renewable energy projects is now down 10% from all-time highs reached late in 2022.