Bonds to be hit hardest by inflation shock in India, Russia, Mexico

If the recent spike up in U.S. inflation numbers is a sign of things to come for global markets, that could prove especially bad news for investors in Indian, Russian and Mexican bonds.

The fixed-income securities of the three countries appear the most vulnerable to any surge in consumer prices, according to a Bloomberg study of 10 emerging markets. Their real bond yields are the lowest in the group versus their three-year average, giving them the smallest margin to spare if the nascent inflation signs prove the harbinger of a global price shock.

On the flip-side, the bonds of South Africa and