There are two types of consequences: if you have money on your bank account they lose their purchasing power because you are subjected to an "implicit tax" because your saving are cut by the increasing in the price level. So you should be able to invest your money in bond or in the Capital market in order to close the gap with the inflation rate.
Obviously investing you can achieve more profits but losses at the same time, due the equation more yield and more risks.
If you want an advice you can just think to invest your money in bond because Central Banks will decrease interest rates in the long run because inflation is falling sharply.
The biggest problem in this scenario is people's wages often do not keep up with the pace of inflation. If all the products and services around you are going up by 10%, but your employer is only bumping your pay by 3% then your earning power has decreased. If that happens 2-3 years in a row then it can have a large effect on your cost of living and spending power, which might turn into a large quality of life change. Thankfully in many countries we are starting to see the trend reversing and normalizing again.