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.
As a Venezuelan who has lived in Venezuela most of my life, I can tell you that the effects of inflation, specially when it is not controlled and turns into hyperinflation are simply devastating to the household economy any average citizen of the country.
Though, I would like to be fair and point out that what happened here in this land was not normal and no serious country/administration would have allowed inflation to go way beyond 1000% anually.
People here resorted to all kind of assets, specially United States dollars and also gold/silver. Because of the bad geopolitical relationships we have with the rest of the west, people here so not have options to buy bonds from the United States and the bonds of this country are paid in local currency, which has become pretty much devaluated since the beginning of the inflation nightmare.
Bonds and stocks are only an option for people who reside in the developed world, for us who live in the developing world, it is better to go with decentralized assets, such as Bitcoin. It is a plus, since our crooked governments cannot seize our satoshis easily.