Shopping mall owners such as Vicinity Centres will ride the inflation wave better than most, absorbing the benefits the retail sector typically extract from rising prices, according to the property trust’s chief executive, Grant Kelley.

Vicinity surfed its own wave on Wednesday, with its stock surging an ebullient 11 per cent, or 18.5¢, higher to $1.87. Investors embraced an interim result that advanced well ahead of consensus expectations, with a shopping recovery driving stronger earnings and providing enough comfort for Vicinity to issue full-year guidance.