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 truth is that, inflation is not just good even when you invest in bonds or capital market because even when you get your return in investment, it will still be cut up by inflation. so the whole idea of allowing inflation to go on and thinking you can invest to beat inflation sometimes doesn't work well like that.
So the best solution is to tackle the inflation head on, is to stabilize the economy and the monetary value of the currency. Inflation does not have a good part because it renders people savings hopeless, it increases cause of production, it increases transportation of goods and services and whole lot more.